Real Estate Market For Repossessed Homes

by on Repo Homes

The real estate market for repossessed homes is growing rapidly. In 2006, most of the top metropolitans saw an increase in the number of foreclosure homes. Repossessed homes are basically those homes where the lender has taken possession of the home from the homeowner. This kind of a situation arises when the homeowner is unable to make payments on his mortgage. You will find a huge number and variety of repossessed homes in different parts of the United States. Some of the homes are in perfect condition while others need small repairs. Either ways investing in repossessed homes makes a lot of sense because you get to save approx. 10%-15% on the market price of the property.

Most of the repossessed homes are listed in foreclosure listings taken out by banks, private lenders, HUD and other financial establishments. Repossession of homes is actually the initial step towards foreclosure. There is always a pre-foreclosure period during which the homeowner can pay the loan amount and get the home back. Most people are unable to pay during this period or are unaware of the different options available. As a result a prime property becomes a part of the increasing number of bank foreclosures for sale.

December 2005 had recorded some of the highest foreclosure filings so far with and November 2005 had 114.7% more filings in December 2005. Around 6,455 homes went into foreclosure in Georgia in 2005, which is a huge number. The current situation is not good as far as repossessed homes are concerned because the numbers are increasing rapidly. On one hand it is a good sign for investors and first time homebuyers who can find the property of their choice for a bargain price but it is also a sad situation for current homeowners who are losing their homes.

Start your search for repossessed homes in Florida, California, Texas, New York and all United States.