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The severity of the "Foreclosure Crisis" depends on where you live, it seems. According to the RealtyTrac.com Q3 foreclosure report, Foreclosures Per Household skews heavy towards just a few states.
Nevada leads the nation with 1 foreclosure per 23 households. Its rate is six times the national average of 1 foreclosure per 136 households.
Arizona, California, and Florida are a distant 2, 3 and 4, respectively.
Foreclosures can be difficult for families that lose their homes, but for real estate investors and other homebuyers, distressed properties can represent a tremendous homebuying opportunity.
Especially now that "buying foreclosures" is big business.
Since 2006, as the number of foreclosures have risen, so have the number of companies offering access to national foreclosure databases. And all of them provide unlimited, free access to their foreclosures listings for 7 days.
3 of the most popular foreclosure-listing companies include:
Each foreclosure database is unique so it may not be a bad idea to register with all 3.
Foreclosures are creating buying opportunities. Search online and see what comes up. Then, when you're ready for your pre-approval letter, call or. I'm experienced with bank-owned homes and I'm as comfortable with first-time buyers as with investors owning more than 4 properties.
Plus, my rates are really good.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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