If you haven't been listening to the financial news here's the story: Sub prime and conventional lenders are taking huge hits in the financial markets. They have lost billions of dollars in market capital in the last few weeks. New Century Financial for example, was a market high flyer with a share price in the $50's a few months back, yesterday it was delisted from the NYSE and is facing bankruptcy.(http://www.ncen.com/) Novastar Financial, Washington Mutual, Impac Mortgage, GMAC, GE Captial, Countrywide, Option One, Citi Financial, Ameriquest and many other are facing crisis as loans are defaulting at record rates, more funds cannot be borrowed, stock prices are collapsing and home sales are slowing. How can you profit? Foreclosed homes or REOs. In the past the big companies could sit on foreclosures and get the highest value possible. They didn't need the funds back so fast because they were making new loans and servicing their portfolios. Now they need the money from those sales more than ever before. Buyers should expect bank owned homes to be sold at very competitive prices, or find that they are often able to negotiate better pricing easier than they could in the past.
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