Home Foreclosures

Mortgage Crisis 2008?

Irrigationman — Tue, 15 Jan 2008 01:52:00 +0000

Okay, it's been a while since I last blogged! Please forgive me. With the holidays, the family, plus my two businesses and websites I've always got a lot to do. So, what does the 2008 Real Estate & Foreclosure Market forecast look like? Just judging by the media's reaction to the "Mortgage crisis" the outlook is bleak for many home buyers who may have gotten in over their heads and now face rising mortgage payments.

Those higher risk consumers have been seriously defaulting on subprime, and adjustable rate mortgages during 2007 and now millions are potentially facing financial bankruptcy. During the Seller's market of 2004-2005 homes were going fast. Lenders started getting aggressive and financing non-conventional or even exotic mortgages. People were getting into houses that were truly bigger than their budgets.

Subprime lending and these exotic mortgages together with over-inflation or too fast of appreciation caused the bubble to bust. This year the United States government decided to step in and address the issue. The Feds are trying to help millions of people save their homes by helping defer the rise of the "teaser" interest rates or just help people get out of the loans completely by refinancing.

Some say that the government is too little and too late to help many. This may be true, but at least they are attempting to help. People have to stand up and take a responsibility for their own actions as well. So, we may still be going through this "mortage crisis" for a little while longer, but things will change as they always do. There will be plenty of foreclosures on the market still as usual, but not many great or even good deals. The deals are few and far between, with a lot of "garbage" out there.

Those who are going to face foreclosure in association with the mortgage crisis will face it when it is there time regardless. Many will save their homes through their own means and a few will owe thanks to the government. The slow real estate market will pick up, demand will go up, appreciation will pick up and then it will be time to sell again!

Scott
http://www.homeforeclosurelist.net

Florida Tops Foreclosure List

Irrigationman — Sun, 02 Dec 2007 15:13:00 +0000

The latest numbers from RealtyTrac are in and as expected Florida is the #2 state for foreclosures in the United States, second only to California. This comes as no surprise to me as I have observed the housing market closely for the past 5 years and saw the conditions becoming very favorable for foreclosure investors.

On Friday, November 30th 2007, The Orlando Business Journal stated the following: "The Sunshine State reported 30,190 foreclosure filings for the month, or one foreclosure filing for every 273 households, says RealtyTrac's monthly U.S. Foreclosure Market Report. That was 9 percent less than September, but still up nearly 165 percent from October 2006. Florida trailed only California in total filings for the month, which notched 50,401, while Nevada and California took the top two spots for the highest October foreclosure rates nationwide."

The housing market and home appreciation skyrocketed in late 2004 and early 2005 after Hurricane Ivan devastated the Gulf Coast. The same year the southern and central parts of the state were hit by several named hurricanes and tropical storms. The destruction of homes, along with a rising population sent up the demand for homes greatly.

This higher demand together with lower interest rates at the time, created very aggressive home lending tactics. Since then, interest rates have risen and the many who took adjustable rate mortgages (ARMS) are now taking the hit on higher mortgage payments of which many cannot afford to keep up with.

Scott Young
http://www.homeforeclosurelist.net/

Free Home Foreclosure Listings

Irrigationman — Wed, 21 Nov 2007 22:57:00 +0000

There is a wealth of information available online about foreclosures. You can even find free home foreclosure listings at several different websites. As I mentioned in a previous blog, you can search for listings yourself at your county clerk of courts website.

Many of the websites who provide the listings will give you some basic info, but charge you for the actual contact information. There are even some sites that will grant you access to complete listings for a free trial period such as a week or 3 days.

I have searched and tried many of these sites myself, but there are two main sites that I stick to when starting my foreclosure search. These sites are http://www.foreclosuremagic.com and also http://www.foreclosuredata.com.

Both of these sites are an excellent resource for obtaining all kinds of foreclosure and pre-foreclosure information. At either one you will find all kinds of home foreclosure listings such as bank owned (REO's), government seized homes, HUD, VA, and preforeclosures complete with accurate property details and bank or mortgage lender contact information.

If you are interested in looking for these kinds of listings, then stop your search and try out one or both of my recommended sites today. Good luck and happy investing!

Scott Young
http://www.homeforeclosurelist.net

Foreclosure Home For Sale

Irrigationman — Sun, 18 Nov 2007 14:35:00 +0000

How many times have you been driving down the street and saw a sign that says "Foreclosure Home For Sale"? My guess is probably never. This is because foreclosures and especially pre-foreclosures are not advertised like your typical home that is listed for sale. Home foreclosure information has always been available through public records, but over the years this data has become even easier to get a hold of thanks to the Internet.

Your local county courthouse is required to make foreclosure information available to the public through courthouse documents and newspaper classified advertisements. Also, most counties have websites these days where you can find foreclosures from the comfort of your own home. The problem lies in where exactly to search. Well, I'm about to share with you a piece of information that many Real Estate gurus and foreclosure investors don't want you to know. All you have to do to find information in a specific county is to find the Clerk of Court website! You will find all kinds of public records here including foreclosures, tax deeds, lis pendes notices, and more.

I probably just upset a lot of different people out there who sell foreclosure and other public information by sharing this little secret with you, but they can live with it. I want to help the average person out there who is just getting started in foreclosure investing, or anyone who is just looking for a home for sale. Even though you can search and find these records yourself, there are still benefits to using some of the online services available for you. One such benefit of using these services is that all of the home foreclosures are easily managed and presented to you complete with property details and contact information of the banks and lenders.

Many people looking at homes for sale don't even know that buying a foreclosure home is an option. It is a tougher option for the first time home buyer because of several factors, one of the main ones being that all of the money is due immediately or shortly after the time of auction. This makes getting a traditional mortgage impossible. The main financing options are to already have the big sum of money available to you are to find a hard money lender. Other negative factors preventing the average home buyer are the unknowns that go into foreclosure homes and tough competition from professionals.

So, if you are looking for a foreclosure home for sale don't count on finding a for sale sign. Just make sure to do all of your homework and understand what you are getting into. As always, I wish you the best of luck!

Scott Young
http://www.homeforeclosurelist.net

Home Foreclosures

Irrigationman — Sat, 17 Nov 2007 21:10:00 +0000

Home foreclosures are currently hitting an all-time high as more and more homeowners find themselves in a tough financial situation. Raising interest rates combined with aggressive lending tactics over the past few years have created conditions that have caused many families trying to finance homes that costs more than they can handle.

While it is a tough & sad situation for many, it creates an abundance of opportunity for Real Estate investors. The foreclosure market is huge and many people, including first time investors are looking at foreclosures as an investment and money making opportunity.

I created a report called "7 Shocking Mistakes Amateurs Make When Trying To Buy Foreclosures". You can download it for free. Inside the report I've also included an excellent resource that professionals use to find the best and most current foreclosures available all around the United States.

This home foreclosure list is not your typical bare list. This home foreclosure list contains pre-foreclosures as well as actual contact information of the banks and lenders! Take a minute to visit my site and download my free report and access the resource that the foreclosure Real Estate gurus use and recommend.

Scott
http://www.homeforeclosurelist.net