Buying Foreclosed Homes and Making the Best Investments

By: philip smith

If you're considering buying a new home, it can be a difficult time to buy on the open market. Property values are very low in many locations, but with the market bottoming out and an unstable economic future on the horizon, it can be quite difficult to determine which properties actually have a chance for future value through appreciation. And worse yet, when will the market rebound so appreciation can actually occur? This is why many people have turned to the growing market for foreclosed homes.

Buying foreclosed homes is like buying any other kind of property, except that sales are run by lenders, usually in an auction format, and they are not as readily advertised as open market properties. But since they are so often sold for up to 50% below their actual market value, buying them can be a sure way to provide instant equity, as you can turn around and sell them for their market value almost immediately.

Foreclosed homes are booming in the United States, with huge concentrations in extremely desirable areas like California, Florida and Nevada topping the list of states with the highest rates of foreclosure. Nationally, 2008 is expected to be a record year for foreclosed homes in many areas, making it the perfect time to buy.

If you're interested in cashing in on perhaps the last sure bet the real estate market has left, check out foreclosed homes with a service like ForeclosureSupport.com. With up to date listings and lots of free information, they can be an excellent source for learning more.

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