Recovery is on the way! A small number of states in the USA took up mostly all of the foreclosures in our country and only one of them is getting worse. RealtyTrac.com has reported that more than half of all foreclosures are coming from California, Florida, Illinois and Michigan. Foreclosures are up a modest 19 percent from last year at this time but there is some very good news. Foreclosures per Household decreased in 9 of the 10 most heavily concentrated states and all Foreclosure activity is down 3 percent from last month. Very good signs that our Real Estate Market is getting better and getting better fast. Nevada’s foreclosure rate is down 4% from last year… this is huge because Nevada has long been the leader in foreclosures.If you are looking to do some research on Foreclosed homes because over 1/3 of all homes that are resold are distressed I would suggest looking at these 3 websites
1. RealtyTrac.com
2. HudForclsed.com
3. Foreclosure.com
All three offer free trials for new users.
Caveats
Buying a Foreclosure is no fun! The time to close on a foreclosure sale is typically double that of a normal purchase. Instead of a 60 day purchase timeframe that the Banks are looking for these days you can expect 120 days or 4 months. Th’ats a long time. In addition, you are buying the Property “as is”… meaning if there is work that needs to be done this is on you and if taxes have not been paid they are now your responsibility. Please do your homework… the process is not what most Homebuyers are used to.
Foreclosure opportunities are still out there but thankfully for our Real Estate Market market that timeframe is shortening.
bc@SmarterBorrowing.com 617.771.5021
bc@smarterborrowing.com
617.771.5021
