February 2010 : 4 States Account For More Than 50% Of Foreclosure Activity

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Foreclosure-related filings topped 300,000 last month, according to foreclosure-tracking firm RealtyTrac.

Nationwide, 1 in every 418 households was served some form of foreclosure notice but -- as always -- foreclosures are more common in some areas than others.

Many Foreclosures, Few States

In February 2010, 4 states accounted for more than half of the country's foreclosure-related activity:

• California : 22.2 percent
• Florida : 17.5 percent
• Michigan : 6.5 percent
• Illinois : 5.6 percent

Combined, these four states represent 56% of foreclosures but just 25% of the population. Clearly, foreclosures are a local phenomenon.

They're also the spring season's biggest story.

Foreclosures Are A Growing Percentage Of Total Sales

Because foreclosures and other "distressed" homes tend to sell at a discount, they now account for 38 of all home resales.  This is up from 33 percent in the month prior.

For first-time homebuyers, move-up homebuyers, and even for investors with more than 4 properties, buying foreclosures in Cincinnati and Chicago has never been easier.

Foreclosures are big business and new listings are available 24/7.

Where To Find Foreclosures Online For Free

My clients have told me that there 3 websites, in particular, are a good place to start for foreclosures, if that's what interests you. Each site offers a free, 7-day pass and that's usually enough to help you scout the market for something worth buying.

1. RealtyTrac offers free access to foreclosure listings
2. Foreclosure.com offers free access to foreclosure listings
3. HUDForeclosed.com offers free access to foreclosure listings

Then, when you see something you like, talk to your real estate agent about it, orto a skilled foreclosure-specializing agent. Negotiating for a bank-owned home is different from negotiating for a "regular" home.

You're going to want somebody experienced on your side.

How To Get Pre-Approved For A Foreclosure

High foreclosure levels have led to interesting buying opportunities. Do your search and see what comes up for you locally. Then, when you're ready for your pre-approval letter, call me and I'll take care of you.  I'm experienced with short sales and REOs and would be happy arrange for your mortgage.

My rates are very good and my bank can close loans quickly.