Omaha Bank Foreclosures, Nebraska

by Peter Vernon on cities

Every state you look at in the USS, you see the grim stories behind foreclosures. No lows have been recorded in foreclosure filings across the nation in the last couple of years, so why should 2007 be any different. More and more homeowners are falling into the debt trap every day and this has affected real estate and also opened a bigger market for Omaha bank foreclosures.

Nebraska ranked 27th in foreclosure filings as per December 2006 and had 334 troubles assets, out of which 48 are REO’s, the foreclosure rate is one per 2151 homes and the unemployment rate is 3.1%. The foreclosure rate was 0.412 times the national average. This is a clear indication of the number of Nebraska bank foreclosures in 2006. One of the main reasons behind the high number of foreclosure homes in Omaha, Nebraska is due to job losses. Job losses translate into a loss of steady income, which means that people are unable to make their monthly loan payments. As a result their homes go into foreclosure.

This may be bad news for the real estate industry but it good news for real estate investors and first time homebuyers. As a homebuyer or investor, all you need is foreclosure listings database to help you select the home or homes you would like to bid on. All Omaha bank foreclosures are sold through a public auction and the highest bidder gets the home. Yet the highest bidder’s price will not exceed the actual price of the home in the market. Most of the times, there is a good amount of discount offered, which can vary from 15% to 25%.

The discount is offered to initiate the sale of Omaha bank foreclosures as all a lender would want is to make up for their losses incurred through the loan.