Foreclosures

I have been watching the real estate news lately, and as most of you have noticed the market is being flooded with foreclosures.  Many people do not understand why, and is the same happening in Brazoria County.  Many people bought homes in certain areas, such as Arizona, California, and Florida when home prices were extremely high.  To be able to afford the mortgage, many people went with ARM (Adjustable Rate Mortgages).  I never recommend ARM's for home buyers.  After the term of their fixed rate ran out, many homebuyers found themselves with mortgages that they could not afford.  I blame the mortgage industry but also realtors that did not watch out for their clients best interests.  In Brazoria County, we have seen an increase in foreclosures but not to the extent of the rest of the country.  What is happening in your area?  Are you looking for a great price on a foreclosure?