Foreclosures continue to expand…

According to the website zillow.com 1/4 of all houses sold last quarter were sold for less than was paid. Not only are people dumping their real estate as fast as they can, foreclosures just continue to accelerate. It seems that the government bail out plan hasn’t had an immediate effect on the problem.

If you’re interested in taking a look as some of the many foreclosure listings you can access one of the top sites on the Internet for free foreclosure listings, including foreclosed homes in all 50 states, HUD foreclosures and Washington Mutual REO properties.


3 thoughts on “Foreclosures continue to expand…

  1. Kevin

    Why are there so manay foreclosures???

    We all know by now that most foreclosure prevention companies are doing what any homeowner can do themselves. Stopping foreclosure is easy, if you know what to do. Wow! Knowledge “is” Power huh?

  2. Chuck

    I had to move to a new state. Haven’t gotten an offer on my old property (owned for 3 years) in over 3 months. Carrying that mortgage leaves me net cash flow negative, and I’m getting zero benefit from that property. Renting it out would cover maybe 40% of out-of-pocket expenses, if lucky. Am I better off not paying & letting it go into foreclosure?

    Chuck

  3. matt

    There are a lot of websites & services out there that help you evaluate whether it’s better to just walk away from a bad mortgage.

    I have a friend who had a first and second mortgage on his home in California. He’s been able to continue living in his home despite the fact that he hasn’t made a mortgage payment on the Second mortgage in 22months and hasn’t made a payment on the first mortgage in 14months. In total he owes 2.5MM on the house. He’s figured out how to stall the banks and work the system. As you might expect, his credit is trashed, but he’s avoided more than $300,000 in mortgage payments over the last two years.

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