Foreclosure Listings Meet Modern Day Demand

By: philip smith

Imagine how it would be this year without that incredibly useful, often taken for granted, tool of the online foreclosure listings service.

Look at the graphic snapshot of recently released foreclosure filings data for July, for the State of California and nationwide. California recorded around 39,000, total States 179,000 filings. That's roughly 2,000 filings a business day in California, and 9,000 a business day State-wide. Of course we know it never happens evenly like that, but the point is how would we handle the volume throughout the month without the computer and database software?

Foreclosure notices include Notices of Default, auction notices and bank repossessions. Listings give us property type and address, size, sometimes a little description, the stage in foreclosure, contact details, sometimes a photo. We can see at a glance how long the property has been in foreclosure. We can tell from our chair whether the location and price range meet our requirements. We know whether we will be dealing with owner or lender and how great a risk an 'as is' clause in the sale agreement might be.

Without the power of a database it would take days and days in every county of some states to collate public notices by property, update and correct information, and delete properties that have in fact been sold or withdrawn from the market. Hundreds of errors of fact or omission would pass unnoticed until the buyer discovered the mistakes too late to avoid cost and a waste of precious time.

A truly miserable outcome for scores of American homeowners who default on mortgage repayments that have escalated beyond their means, foreclosure brings thousands of homes into a saturated housing market in cities large and small every month. Without the investor finding the right property to suit his strategy, and the home buyer seeing a way to get more house for his/her money, the streets would be lined with boarded up homes in a many a ghost town. The commercial success of the forest of foreclosure listing services shooting up to meet demand is not without altruistic benefit.

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