Finding Foreclosures To Buy : Do Your Own Homework Before Calling Your Real Estate Agent

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Foreclosure activity in most the nation's largest states dropped last month, buoying the national average lower despite 30 states faring worse than the national average.  Total foreclosure activity nationwide slipped for the 4th straight month.

Versus October, activity is down 8 percent.

A reduction in foreclosure activity is big news for housing, but the big-ger news is buried in the stats.

1. Defaults in Nevada -- the foreclosure front-line leader -- are down 33% from 2008
2. Foreclosures Per Capita are lower for the majority of states
3. Job-ravaged Ohio's foreclosures are down 9 percent from last November

Overall, November's foreclosure report is another positive signal for the housing market.  Recovery is underway.

But for homebuyers searching foreclosed properties, the window for "a deal" may be closing.  The supply of distressed property is dropping and multiple-offer situations are increasingly common.  The key, therefore, is to find a property before the next buyer and, let's face it, your real estate agent has other clients besides you.

Some homework you're better off doing yourself.  The good news is that you don't have to go far to do it.

Since foreclosures, short sales and REO have become Big Business, tens of tech firms have tried to capitalize on the need for a better system of distressed-home aggregation. So far, 3 companies have emerged as winners, each offering 24/7 access to foreclosed homes in every zip code in America with tons of searchable traits.

1. RealtyTrac (free 7-day access)
2. Foreclosure.com (free 7-day access)
3. HUDForeclosed.com (free 7-day access)

If you're considering foreclosed homes as a first-time buyer, a move-up, or even as an experienced investor, consider registering with all 3 -- each pull from a slightly different database so you may see different homes from one site to the next. It should give you a good list of homes to starting seeing with your agent when you're ready.

Foreclosures activity is slowing, but -- for now, at least -- buying opportunities are still out there. Search online and see what you find. Then, when you're ready for your pre-approval letter, call or. I'm experienced with bank-owned homes and am as comfortable with first-time buyers as with investors owning more than 4 properties.

Plus, my rates are really good.