I just wrote an article about the really high foreclosure rates as reported by RealtyTrac. That really got me thinking about foreclosures in my area so I went to RealtyTrac to find my local foreclosures, and there were a lot more than even I expected, and the economy around me isn’t bad!
If you want to find a local foreclosure around you just use the RealtyTrac link and either plug in your zip code or your city and state. I think you’ll be as shocked as I was.
I even plugged in 90210 (Beverly Hills) and there were 1,040 either in pre-foreclosure, at auction, or bank owned. The bank owned group was 399 properties alone. These are homes where the bank was the highest bidder at auction and is now sitting and holding this property.
I’m sure there are plenty of foreclosure investors that are just sitting on the fences right now waiting for the real estate market to reach bottom and then snatch up loads of foreclosures.
It is interesting that in a horrible market with more than 80,000 homes a month being sold at auction that it spells opportunity and profit for the foreclosure specialists.
I bet the banks are going to cut some really good foreclosure sales deals to unload all these homes sitting on their books. Besides, some communities are requiring the banks to keep the properties in good shape and keep the lawns mowed. That’s just more expense to the bank for a non-income producing property it is having to hold.