Comparing The Foreclosure Rate Per Household By State (April 2010)

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The national foreclosure rate is finally falling.

According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices nationwide dropped 2 percent between April 2009 and April 2010.  It's the first time in RealtyTrac's recorded history that the annual foreclosure rate has dropped.

Foreclosures Ease In Ohio, Surge In Illinois

Despite the drop in foreclosure rate, banks are still repossessing homes at an alarming rate -- over 92,000 homes were reclaimed in April.  Home buyers, however, are snatching them up.

According to the National Association of Realtors®, distressed homes accounted for 35 percent of all April home resales with a typical discount ranging near 15 percent.

That's good value if you can find REO that's in decent condition.

There's other noteworthy statistics to mine, too:

• Nevada's foreclosures rate is twice the national average
• Ohio's foreclosure rate is below the national average
• Foreclosure rates dropped in both California and Arizona, 2 foreclosure hot-spots through 2009

The good news for housing doesn't stop there.  9 of the top 10 leading metropolitan areas for foreclosure-related activity showed a drop in annual activity.  Only Reno, Nevada showed an increase.

Finding Foreclosure Deals Online

But with the 15% "foreclosure discount" comes a call for caution. Buying bank-owned REO in Cincinnati is different from buying a "regular" home.

Most notably, distressed properties are often sold as-is and may have defects that render them "un-lendable".  Secondly, getting a "quick closing" is next-to-impossible -- you're at the bank's scheduling mercy.

And, lastly, not all foreclosed homes are searchable online. Working with a real estate agent will usually help you find more stock than searching alone.

If you're the DIY-type, though, you'll want to know about these online tools. Each of these 3 sites offer free, 7-day passes to giant foreclosure databases. After 7 days, you can pay to extend your membership, or quit and pay nothing.

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

7 days is usually more than enough time to find for what you're looking.  After that, you can engage a real estate agent to help you find different sets of homes, or to help you negotiate.

Get A Pre-Approval Letter For A Foreclosure

Do your foreclosure research search and see you like. Then, when you need your pre-approval letter, call meand I'll take care of it for you.

I'm experienced with short sales and REOs and my bank can close loans quickly.

Plus, my rates are excellent.