Why Invest In Bank Foreclosures?

by on General

Why should you invest in bank foreclosures when there is so much variety available in the real estate market across the United States? There is only one reason and that is: to save money & make profit. At the end of the day investors will buy property that will bring them some amount of profit and who wouldn’t want to buy good real estate property for less than the market price. This is exactly the reason why so many people have started to look at investing in foreclosure homes as a serious business option.

Last year as in 2006 saw plenty of ups and downs in the real estate market but it saw an up in the bank foreclosures market. Foreclosures are taking place at a rapid rate and more and more homes are being made available to investors. As compared to 2005, the rate of foreclosure went up by almost 70%. Some of the States and counties saw an unbelievable rise in the number of foreclosures like Suffolk County in Boston, which witnessed a steep rise of foreclosures and the increase was by 79% as compared to 2005.

Mortgage lenders across the country filed for bank foreclosures and the total number of petitions stood at an astounding 18,926 as against 11,155 the previous year. The total number of foreclosed homes available in 2006 was 1.2 million. So you can imagine how profitable the business of investing in bank foreclosures actually is. Of course you will need information on the different types of properties available based on the total area, number of rooms, location, price etc. All this you can get from foreclosure listings, which are available with local and private lenders as well as many foreclosure websites.

Buying and selling of foreclosure properties is making millionaires, so why should you be left behind?