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photo credit: EdTarwinskiAbout five years ago the real estate market was a flipper’s paradise. Now it?s turning into a foreclosure nightmare. But some savvy real estate investors are turning these foreclosures into cash making opportunities by purchasing homes and then renting them. If the lightbulb just went on over your head, you’d betting pull on a lampshade and consider the nitty gritty details before diving into a foreclosed property investment.
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photo credit: respres

The current real estate situation is causing some unexpected problems for renters. When landlords foreclose it leaves many tenants in the scary situation of not knowing whether they’ll have a place to live or if they’re going to be out on the street once the foreclosure happens.

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photo credit: Apollo-Jack

People who are interested in snapping up homes that have hit the market after foreclosures will want to start looking in the Southwestern part of the United States. New foreclosure data reveals that Nevada, California and Arizona are the three highest-ranking states for 2008 foreclosures. (more…)

photo credit: salimfadhley

We all know that there is a housing crisis. We all know that people across the nation are facing foreclosures. And we keep hearing that the government is doing everything possible to mitigate the problem. But reports about foreclosure rates in the first quarter of this year seem to indicate that the government’s efforts aren’t enough to stop foreclosures from happening. (more…)

credit: karlfrankowski

Owning a home is the basic foundation of achieving The American Dream. For minority cultures in America, homeownership has historically been a milestone revealing that they have made it here in this country. As a result, many cultural communities are concerned about the fact that the recent home foreclosures sweeping the nation have created a setback for the minority homeowner.

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credit: Jaypeg21We all keep waiting for news that foreclosures are on the decline. There is hope that the trend is decreasing with a new report from Realtor stating that foreclosure rates decreased four percent from January to February of this year. That isn’t enough to say for sure that we’re going to start seeing less and less foreclosures in the housing market but it’s a glimmer of hope for those people who have been waiting on the end of this negative trend.
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The record number of foreclosures can bring opportunities for investors, but also headaches and even danger. Stores abound regarding displaced homeowners with little to lose defacing and destroying property before they leave. I’ve read about water being left on, fixtures stripped, and even holes punched in the walls. Nothing, however, compares to the recent story about what a real estate agent found in a foreclosed Cape May, New Jersey house.

It seems the older, former property owner had a WWI artillery shell in his possession, which he left behind for the new owner. (How these shells made it to the US after the war, and why people kept them, boggles the mind, but that’s another story.) The startled agent called the Cape May bomb squad, who verified that the shell was live. The authorities transported the rusted shell to Atlantic City’s Bader Field for destruction. Eight homes were evacuated during the incident as a precaution.

If there’s a moral to this tale, it’s to approach foreclosures very cautiously. If you expect at least a few surprises, you won’t be startled by what you find.