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Rising Rate of Foreclosures in the U.S.

Unfortunately, over the last year, the United States has seen unprecedented growth in the rate of homeowners forced to go into foreclosure.  New statistics released in the U.S. Foreclosure Market Report show that real estate foreclosure filings at the beginning of the second quarter rose a whopping 48 percent over last year.  This means approximately one in every 483 homeowners in the United States were forced to go into foreclosure in May 2008.  Unfortunately, this number does not seem to be waning, rather it is expected to continue growing.  In the meantime, this provides investors with a wide open investment market. There are many people sweating over going into foreclosure and there are investors looking for such properties. What has proven to be one person’s misfortune turns out to be another’s treasure. However, the homeowner finds through services such as ours that they can avoid ruining their credit even though the housing market is declining.

Reasons for Foreclosure

The number of foreclosures in the U.S. continues to grow at an alarming rate due to personal issues such as job loss, decline in cash flow, increased mortgage payments, divorce, and medical bills that create financial burden. These personal reasons for foreclosure are made worse by the slow economy and unfavorable changes in the housing market. The same day the U.S. Foreclosure Market Report was released, the U.S. Bureau of Labor and Statistics released data indicating an alarming increase in consumer prices for the month of May. 

As prices go up, consumer wealth goes down.  Price increases are fueled by rising energy and transportation costs, rising costs of food and other commodities, and inflation in general.  The combination of a weak real estate market, downward spiraling home values, stricter mortgage lending criteria and a slowing U.S. economy has left financially troubled homeowners with few alternatives to avoid foreclosure. Many of these homeowners simply can't find buyers or owe more than their home is worth and can't get refinanced into an affordable loan.

Through the use of our site, you will find the haven you need to sell your property. You do not have to look for buyers the old fashioned way. As a matter of fact, the buyers are looking for you. There is no better way to sell your property than to list it on the internet where there are investors looking to buy your property 24/7.

Effects of Foreclosure

Besides the impact foreclosure has on individuals’ credit, there are farther reaching implications. Some areas are especially hard-hit by the current foreclosure crisis, having had up to one in every 66 properties receive a foreclosure notice last month.  As a result, cities and townships are not able to collect property taxes and municipal budgets are being drained.  The foreclosures in some of the hardest-hit regions, such as the cities of Merced and Vallejo in California, are forcing these municipalities to make severe cutbacks in the essential services they offer to residents.  It is reported that Vallejo, will be forced to declare bankruptcy as a result. 

A Call to Pre-Foreclosure Homeowners and Potential Real Estate Investors

In order to avoid letting homeowners’ credit be ruined and the problems faced by communities such as Merced and Vallejo, something must be done.  Homeowners facing foreclosure must act fast to list their For Sale by Owner properties and salvage their credit.  Even inexperienced real estate investors face a unique opportunity now as they can put their money to good use and stand to make substantial profits in the process.   

Stopping this downward spiral is what we are here for. We are a resource that both homeowners and investors can use to come together and help solve this problem.  Check out our information on how to stop foreclosure and how to invest in pre-foreclosures, foreclosures, and foreclosures for sale by owner properties nationwide. You can also utilize the real estate investors' tools and resources on this website. Get detailed information on foreclosures for sale by owner listings and foreclosure listings nationwide today. We don’t want to see another person have to deal with the repercussions of foreclosure. Let us help you stop foreclosure in its tracks so you can get on with your life.