It's transcended trending -- it's now a given. Foreclosures regionalize.
In June, for the brazillionth time in as many months, just 3 states accounted for half of the country's foreclosure-related activity. The top 10 states accounted for 75%.
Clearly, the foreclosures crisis doesn't impact every state in the same way.
Setting aside the personal pain foreclosures can cause, the massive mortgage default numbers have a silver lining. Both first-time home buyers and opportunistic real estate investors can now buy foreclosed homes at relatively low prices and finance them at attractive mortgage rates.
Not every foreclosure is going to a "diamond in the rough" but there are some great deals to be had out there. It may help explain why distressed properties accounted for nearly half of all home resales in April and for one-third of May's.
Meanwhile, to meet the burgeoning demand for foreclosed homes, several real estate companies built high-powered Foreclosure Search Engines geared at general home-buying public. Whether you're a home buyer, real estate investor, or just curious about your neighborhood, there's lot of ways to find a foreclosed home.
Foreclosure search engines are rarely free but often come with "trial periods". Trial memberships are usually full-featured and you can use your 7 free days to make an unlimited number of queries to help ascertain whether or not the foreclosure market is a good fit for your personal real estate goals.
According to RealtyTrac, the number of Q2 foreclosures was the second highest on record so there's deals to be had if you know where to look. And when you find that deal and want to finance it, be sure to reach out to me directly by phone or email.
I'd be happy to work with you.