California property market offers 'opportunity of a lifetime'

The growing number of foreclosures in California's real estate market is presenting an ideal opportunity for property investors, it has been claimed.

Prices of homes in the state have been falling due to the effect the economic downturn has had on the market and this, coupled with low interest rates, is making property purchasing in California attractive, Reuters reports.

Bruce Norris, head of an investment group planning on purchasing 100 southern California homes during 2009, described the current situation as "the buying opportunity of our lifetime".

"You cannot have this [low] level of pricing be permanent because it costs too much to build a home here," he told the news source, adding that purchasing finished homes for as little as 55,000 USD (38,000 GBP) will make "somebody pretty wealthy someday".

Last week president Barack Obama signed a 787 billion USD stimulus bill aimed at helping US homeowners, a move that could result in the number of foreclosed US properties being reduced.

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