Housing Bargains Can Still Be Found
Foreclosures have fallen by 35
percent nationwide in the last year, according to data from RealtyTrac.
However, where such proceedings must first get approved by the courts—which are
known for having a lengthy process—foreclosures have climbed 34 percent overall.
In New Jersey foreclosures have soared 103
percent, followed by Florida (up 100 percent),
Maryland (up 94 percent), New
York (up 66 percent), and Illinois
(up 65 percent), according to RealtyTrac.
In some states, foreclosures remain abundant, and foreclosures
tend to sell at discounts. Many of these properties will likely enter the
market in the next six to 12 months, says Daren Blomquist, vice president of
RealtyTrac.
“If you missed the bottom of the
housing market, this might be the last chance to get a bargain on one of these
foreclosure homes,” he says.
However, finding big housing
bargains these days has become trickier “because there’s been such a recovery,”
says Bradley Hunter, chief economist of Metro Study, a Houston-based housing
market research firm. I say a tremendous
recovery in New York. But he says those willing to choose developments that
were built in the late part of the housing boom that are furthest from urban
hubs and schools may find the biggest deals. “If you’re willing to make a bit
of a commute, you may be able to save more money. In 2005, the motto for those
looking for a new home was ‘drive 'til you qualify.’’
More then ever, in today’s market
it is extremely important to have an informed, REALTOR who knows and understand
this market - Theodore “Ted” Corbett help you realize the American Dream of HOMEOWNERSHIP!