Homebuyers: Take Advantage of the Biggest Home Bargains Today!

by Simon Lindsay on Finance Foreclosures

The affordability of homes has actually improved in the last couple of years, thanks to the subprime mortgage mess. According to the most recent Housing Opportunity Index, 53.8 percent of newly-built homes sold for the first quarter of this year were affordable to families of median income ($61,500). Compared to 2007, the latest index is up by almost 10 percent.

Experts believe that the increase in housing affordability can be due to three important factors: record low mortgage rates, $2500 family income increase and of course, declining home prices. In fact, there was an 8 percent drop in home prices compared to a year ago.

Although homes are now affordable, there are still a lot of buyers who are taking their time in making the decision to buy. In most cases, increasing buyer expectation and falling markets can be seen as the reasons for their reluctance.

Fore reluctant buyers, you can always consider buying foreclosure properties. They come with much more affordable price tags and even gain instant equity. If this is your first time to hear about the great opportunities provided by these distressed homes, feeling a bit hesitant can be considered a normal reaction.

This kind of reluctance can be addressed by learning about foreclosure homes. After all, knowing and understanding foreclosure facts will help buyers decide that these properties might just be perfect for their needs and budget.

Compared to brand new homes, foreclosures are relatively cheaper. Even if you spend a significant amount of money on repairs, you will still enjoy much savings. For this reason, it is not surprising that seasoned real estate investors have preferred foreclosure properties as fixer uppers. And with the market currently offering millions of foreclosed homes for sale, enjoying unbelievable bargain prices is not impossible.

For the hottest foreclosure deals, you should rely on professionals like Bank Foreclosures Sale.