Foreclosure has become a dirty word recently, and sadly, it is going to get even dirtier as the financial crisis continues to ravage the real estate markets in the USA and across Europe. Some markets are immune of course; it is unlikely that the up-market areas of Washington D.C. or along the Cote D’Azur will see the amount of foreclosures and repossessions taking place in the lower end of the markets and some areas represent substantial opportunities for cash buyers, or those with financing in place.
Finding foreclosures to invest in has actually became a tricky proposition because the banking system is not properly admitting the scope of the problem, and in order to maintain an apparently healthy balance sheet, it is necessary to hold on to many foreclosed homes in order to artificially keep prices inflated and claim higher values than would be achieved should all this inventory come on to the market at the same time.
This problem is by no means exclusive to the United States, as witnessed by the recent (November 2010) bailouts of both Greece and Ireland in the Euro zone. Whether Spain and Portugal follow in these footsteps is hard to predict, but is a very real possibility which may see severe pressure on the Euro, but we will be discussing the situation as it applies in the US in this article.
Foreclosed Home For Sale in the United States
There is an estimated twenty two million bank owned properties in the USA at time of writing this, and no matter how one looks at it – this is substantial inventory. 2010 was a record year for foreclosure filings and 2011 is shaping up to be more of the same. Despite a drop in filings in December as banks were forced to actually follow the law in some states, almost 3 million filings were made in 2010. Individual states – pressured by state banks are hastily rewriting laws.
Bankproperties.com was established as a venue for disposal of these properties and to offer potential investors access to detailed foreclosure listings around the world. In the United States, much of this inventory is owned – directly or indirectly – by the United States Government Inc.
Whether through HUD or some other quasi-government institution, bailed-out banks, or direct government auctions, the government is the place to look for stock and financing. Our own opinion on the subject is that it would be healthier for all concerned if these properties were returned to the private domain as soon as possible.
There are numerous foreclosure listing sites, some of whom are bona fide, but many are simply looking to charge you to see information that is already in the public domain. Our own foreclosure listings are always free of charge, and here is a list of other possible places to find foreclosures.