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Friday, July 14, 2006

How To Become A Billionaire Overnight

Foreclosures Offer New Opportunities
By Martin Lukac

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Foreclosures are being considered "golden opportunities", according to a recent report.

Foreclosure.com Mid-year Analysis indicates that roughly 30% of foreclosure inventory is exchanging hands every month. In comparison, only 17.7% of existing homes on the market sold in May 2006, according to the National Association of Realtors.

The national inventory of existing homes for sale has increased for five straight months to 3,604,000 in May, up from 2,883,000 homes in January.

New foreclosures have increased from 23,982 in January to 26,802 in June. Active foreclosure levels have actually dropped to 89,802 in June, down from 95,073 in January.

"Everything we are seeing in the current climate in the real estate industry is driven by rising interest rates and a sluggish housing market," said Brad Geisen, president and CEO of Foreclosure.com. "This has fueled interest in the foreclosure market, creating golden opportunities for investors and people looking for good deals on homes.

"In recent years, Buyers had the ability to buy more property than perhaps they could afford, thanks to low-interest loans," he added. "That's changing. While just a year ago sellers were in the driver's seat, foreclosure rates over the last six-months suggest buyers now have the upper hand."

Georgia ranks the highest in foreclosure rates at this point in 2006. It is followed by Indiana, Colorado, Michigan and Texas.

The Midwest leads the country in foreclosures for the past two years in a row. Although a large number of properties remain on the market, Midwest foreclosure rates are leveling off.

"Our mid-year analysis leads us to believe the Midwest is less prone to a worsening foreclosure situation. But there still exists a high number of properties available, which creates a good buying environment," Geisen explained.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Article Source: http://EzineArticles.com/?expert=Martin_Lukac

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