Foreclosures Reach All-Time Record High

by Donald Hanz on Foreclosure Crisis

For the last quarter of 2007, the proportion of homes that entered foreclosure increased to 0.83 percent. According to the Mortgage Bankers Association, this is a record high compared to the 0.78 percent recorded in 2006. Aside from this, home equity has also fallen from 49.6 percent to 47.9 percent and delinquency rate was up to 5.82 from 5.59 percent.

Experts are looking at falling home prices as the reason for the worsening foreclosure crisis. Of course, other factors that contribute to the current housing market problems may differ depending on the state. For example, the large surplus of newly-built homes in California, Nevada, Arizona and Florida plays a big factor in the growing foreclosures problem.

With such a large inventory of foreclosed homes, buyers can not help but be excited with the great investment opportunities that these properties offer. In a housing market that favors buyers over sellers, you must take advantage of these opportunities. You will save much money from buying these properties and even earn more if you decide to buy them for investment purposes. Even with repair and renovation expenses, you will still make a killing.

The key, of course, is finding the best deals. In order to find the best deals offered for these foreclosed properties, you must have reliable foreclosure listings that will provide you with amazing leads. Bank Foreclosures Sale can give you access to the hottest foreclosure homes for sale.

Before making an offer, you should make sure that you have inspected the property thoroughly. It would also be wise to get your finances in order and get pre-approved for a loan if you are planning to take one out. Improving your negotiation skills will also come in handy if you are looking to enjoy bigger discounts.