The benefits of buying foreclosed homes are about to get even better thanks to the $15 billion Foreclosure Prevention Act of 2008.

Homebuyers and investors can soon take advantage of a $7,000 one-year tax credit with the purchase of foreclosure properties if the legislation is passed.

That's a huge savings on top of already discounted real estate. In fact, foreclosed homes for sale on Foreclosure.com are often listed between 30 to 50 percent less than market value.

Foreclosure.com