According to RealtyTrac, the state of Nevada keeps its title as Foreclosure Central with a foreclosure rate 4 times the national average. Arizona, California and Florida aren't far behind.
In fact, the country's foreclosure activity is so heavily concentrated that a full 40 states fall below the national foreclosure average. That's a fascinating statistic and puts some perspective on the "foreclosure crisis" we keep hearing about. Clearly, foreclosures are a local phenomenon.
Oh, and they're selling like hotcakes, too. Distressed homes now account for 1/3 of all home resales. The good news is that buying a foreclosure in California or anywhere else has never been simpler. Because foreclosures are big business now, a cottage industry has spawned and reliable foreclosure data is available 24/7.
These 3 websites are a good place to start. Each offers a free, 7-day pass and that's usually enough to help you scout the market.
1.RealtyTrac.com offers free access to foreclosure listings
2.Foreclosure.com offers free access to foreclosure listings
3.HUDForeclosed.com offers free access to foreclosure listings
Then, when you see something you like, talk to your real estate agent about it. Negotiating for a bank-owned home is different from negotiating for a "regular" home. You're going to want somebody experienced on your side.
High foreclosure levels have led to interesting buying opportunities. Do your search and see what comes up for you locally. Then, when you're ready for your pre-approval letter, call or send me an email.
I'm experienced with short sales and REOs and will arrange for your mortgage.
My rates are very good and I close loans quickly.
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John Payne is an active Certified Mortgage Planner. Reach John via email at John@JPMortgageLoans.com or call toll-free to 800-259-3424.
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