Home Foreclosures Are One's Woe But Chance for Others by Kevin Simpson
Let's face it - as of today more than 2 million home foreclosures have been reported in the US Country and it is growing every month. As per February statistics the rankings of highest foreclosure filings come from the top ten States : 1) Nevada; 2) Arizona; 3) California; 4) Florida; 5) Idaho; 6) Michigan; 7) Illinois; 8) Georgia; 9) Oregon; 10) Ohio, in that order. Totally 290,631 properties have been added to home foreclosures list in February alone, an increase by 30% compared to February 2008.
The foreclosure filings in all the States include - default notices being served on home owners; auction sale notices fixing the date of foreclosure sale public auction; and Bank repossessions after foreclosure sale public auction. It is reported that one in every 440 housing units in the US received a foreclosure filing in February. Overall the rankings in the number of foreclosure filings from the States get changed here and there, but the top 10 States remain to be almost same.
Financial experts attribute this huge number of home foreclosures, to properties bought between 2004 and 2006 when the Real Estate business was at its peak in the US. All the States which are turning out foreclosure filings in large numbers now such as - California, Florida, Arizona, Nevada, Michigan and Georgia - were the most sought after locations for home buying during these years. Home loans were issued just for the asking, keeping an eye on the soaring prices of housing properties by mortgage lenders, and sub-prime mortgage lenders reported to be indulging in predatory lending practices. High cost loans were issued for persons with doubtful credit history, particularly with Adjustable Rate Mortgages. In effect the interest rates which were low at the commencement of the repayment for a few years, swelled beyond the repaying capacity of many American families. The result is history.
The present scenario obtaining in the US Real Estate market, has paved way for home buyers and investors to acquire home foreclosures properties, at prices which are only a portion of their real value. It has become a Buyers' market to select properties from out 11 properties fulfilling the needs and requirements of a home buyer, when searching for one. Properties which were not affordable because of the high prices prevailing in prime locations like California; Florida; Arizona; Georgia; Michigan; and New York have become easily purchasable properties for everyone.
Home buyers and investors can choose - the location; neighborhood; design of the property - custom built or modern; single family home; multi-family residences; condominiums; apartments; beach resort bungalows; villas with beautiful gardens - anything and everything they like, since home foreclosure lists contain all of them.
There are also three stages of foreclosure process - pre-foreclosure between the receipt of default notice and public auction; actual foreclosure public auction by Sheriff Sale/Trustee Sale; Bank-owned and repossessed properties after foreclosure public auction. Properties in each stage offer different bargain and discount in the sale price, whereby thousands of dollars can be saved, by clever manipulation of the situation of the motivated sellers.
Thus home foreclosures have both sides - bleak for the home owners in distress and bright for home buyers and investors.
Kevin Simpson, has been working on ForeclosureDataOnline.com studying the foreclosures market, helping buyers on the finer points of homes for sale. Try to visit ForeclosureDataOnline.com and begin your foreclosure search. Kevin Simpson, GM Sales & Marketing, ForeclosureDataOnline.com
Article Source: ArticleSnatch Free Article Directory
Let's face it - as of today more than 2 million home foreclosures have been reported in the US Country and it is growing every month. As per February statistics the rankings of highest foreclosure filings come from the top ten States : 1) Nevada; 2) Arizona; 3) California; 4) Florida; 5) Idaho; 6) Michigan; 7) Illinois; 8) Georgia; 9) Oregon; 10) Ohio, in that order. Totally 290,631 properties have been added to home foreclosures list in February alone, an increase by 30% compared to February 2008.
The foreclosure filings in all the States include - default notices being served on home owners; auction sale notices fixing the date of foreclosure sale public auction; and Bank repossessions after foreclosure sale public auction. It is reported that one in every 440 housing units in the US received a foreclosure filing in February. Overall the rankings in the number of foreclosure filings from the States get changed here and there, but the top 10 States remain to be almost same.
Financial experts attribute this huge number of home foreclosures, to properties bought between 2004 and 2006 when the Real Estate business was at its peak in the US. All the States which are turning out foreclosure filings in large numbers now such as - California, Florida, Arizona, Nevada, Michigan and Georgia - were the most sought after locations for home buying during these years. Home loans were issued just for the asking, keeping an eye on the soaring prices of housing properties by mortgage lenders, and sub-prime mortgage lenders reported to be indulging in predatory lending practices. High cost loans were issued for persons with doubtful credit history, particularly with Adjustable Rate Mortgages. In effect the interest rates which were low at the commencement of the repayment for a few years, swelled beyond the repaying capacity of many American families. The result is history.
The present scenario obtaining in the US Real Estate market, has paved way for home buyers and investors to acquire home foreclosures properties, at prices which are only a portion of their real value. It has become a Buyers' market to select properties from out 11 properties fulfilling the needs and requirements of a home buyer, when searching for one. Properties which were not affordable because of the high prices prevailing in prime locations like California; Florida; Arizona; Georgia; Michigan; and New York have become easily purchasable properties for everyone.
Home buyers and investors can choose - the location; neighborhood; design of the property - custom built or modern; single family home; multi-family residences; condominiums; apartments; beach resort bungalows; villas with beautiful gardens - anything and everything they like, since home foreclosure lists contain all of them.
There are also three stages of foreclosure process - pre-foreclosure between the receipt of default notice and public auction; actual foreclosure public auction by Sheriff Sale/Trustee Sale; Bank-owned and repossessed properties after foreclosure public auction. Properties in each stage offer different bargain and discount in the sale price, whereby thousands of dollars can be saved, by clever manipulation of the situation of the motivated sellers.
Thus home foreclosures have both sides - bleak for the home owners in distress and bright for home buyers and investors.
Kevin Simpson, has been working on ForeclosureDataOnline.com studying the foreclosures market, helping buyers on the finer points of homes for sale. Try to visit ForeclosureDataOnline.com and begin your foreclosure search. Kevin Simpson, GM Sales & Marketing, ForeclosureDataOnline.com
Article Source: ArticleSnatch Free Article Directory