Foreclosures Up
Home Sales Down 3/26/07
After a surprise rise in existing home sales in February, the housing market showed signs of further cooling because the latest figures show that new home sales are off by almost 4% in February 2007.
Adding fuel to the fire has been all the news lately about subprime lenders going under because of the increase in foreclosures. An increaase in foreclosures is certainly good news for the investors following this site because the more pressure there is on the market, the better the bargain.
This might not be a bad time to buy. Consider the fact that interest rates are stable and the economy overall is not doing too bad. In some places like Southern California, where the housing market certainly got overheated, unemployment is at 3.5%, not exactly a depression.
Even if housing prices stay flat, as many analysts predict they will for a long time, a bargain foreclosure is the best bet around for a real estate deal. Look for more negotiating opportunities as things get tougher for sellers. And don't forget, if the bank is stuck holding the bag, they want to get rid of it as soon as possible. The days of them flipping it at market value are certainly over.
There are many tools out there to help you cash in on foreclosure opportunities, and one of the best is ForeclosuresToday.com, which updates daily with a list of foreclosures and even pre-foreclosure information. If you can catch someone on a default notice, you might be able to work a deal with them before everyone else jumps into the bidding.
Check back with us often for more foreclosures news and updates.
