By Tom Dyson in DailyWealth:
I see abandoned real estate all over my town. Half the businesses still operating are running on fumes...
Our Kmart is a basket case. It's always empty. The Walgreens is a teardown. The Beach Warehouse has 10 customers per day. My local supermarket is another walking zombie. All the stores around it are empty... Sears has gone. The café restaurant has gone. The carpet store has gone. They've boarded up the car dealership...
The simple fact is, they built too much commercial real estate in the boom. My town has a population of 25,000, yet we have two Wal-Marts, a Kmart, and a target. We also have a Lowe's and a Home Depot. Even in the boom, there weren't enough customers for all these stores. Now that we're in a recession, my town is starting to resemble a suburb of Chernobyl.
The scary part is, they're still constructing new malls a couple of miles away. What the heck are these idiots smoking?
Right now, I believe real estate investment trusts (REITs) are one of the worst places you can put your money. But there is one exception...
Read full article...
More on real estate:
Stubborn NYC homeowners face looming crash
World's best money manager gets WAY long real estate
Billionaire guru Paulson makes another big real estate bet
