Foreclosures

The home foreclosure market is still going strong making up a good portion of the US home sales market. Foreclosed properties have risen again in number and foreclosure notices jumped up 18% above July’s levels for those receiving first time notices of foreclosure.  Total foreclosure filings, including default notices, scheduled auctions and repossessions were sent to 228,098 homes, rose 7% from July’s totals. Nevada, California, Florida, Ohio, Michigan, and Arizona have the highest foreclosure rates and levels of foreclosed properties.

US Home Foreclosures August 2011 - Courtesy of Realty Trac

The US government now owns almost 250,000 repossessed homes and is desperately trying to find a way to unload them. That volume spells a bargain for home hunters. If you’re a realtor, you may be wise to try and cash in on the foreclosure market since a good volume of home buyers are searching the foreclosure market for a bargain. The foreclosure market is a pain for you however you can reach foreclosure buyers online. Its just another avenue to generate leads.

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