News of Foreclosures, Foreclosure Properties Information and How to Find Distressed Properties for Sale
Once again, Oregon is in the throes of rising REO properties for sale. A May market data showed that the state’s foreclosure filings inched up by 89.8 percent compared to a year ago figures.
Because home appraisers base their home valuations on foreclosure listing prices and other previous home sales prices, distressed sales and foreclosure sales still affect homebuilders weeks or months after the distressed homes are sold.
The rising number of houses purchased through online foreclosure listing services is prompting concerns about the job security of real estate agents. More and more prospective home buyers are using foreclosure listing services for their home search because of the thousands they expect to save on sales commission.
Homeowners who want to find cheap foreclosed properties to buy use the Internet to search for potential homes on repo homes listing. Today, homeowners have discovered another use for the Internet: home swapping.
Sales of pre-owned homes in the U.S. increased in February this year by 5.1 percent, compared to January sales levels, according to the National Association of Realtors. Homebuyers were enticed by record low levels of prices and incentives offered under the Obama administration’s program to stop the increase in foreclosure properties.
Florida foreclosures in January 2009 reached 10,007 while pre-foreclosure filings were made on 43,070 distressed properties.
The foreclosure prevention plan introduced by President Barack Obama is a far cry from the Bush Administration’s anti-foreclosure program which was criticized for protecting banks and other financial institutions at the expense of homeowners who are in danger of losing their properties to foreclosures.
The unabated spread of foreclosures in the country which affects millions of homeowners has led to the decline of new home construction applications and building activity.
Total sales of new homes reached 482,000 in 2008 representing a drop of 37.9 percent from 776,000 units sold in 2007.
If you are an investor or a first-time homebuyer considering taking advantage of the low prices of properties, then check the following guidelines:
