Foreclosure Filings up 120%, Buy Foreclosed Properties

Excerpted from

As foreclosures continue to soar, 220,000 homes were lost to bank repossessions in the second quarter, according to a housing market report Friday issued by RealtyTrac.

That’s nearly triple the number from the same period in 2007.

A total of 739,714 foreclosure filings were recorded during that three-month period, up 14% from the first quarter, and 121% from the same period in 2007. That means that one of every 171 U.S. households received a filing, which include notices of default, auction sale notices and bank repossessions.

More foreclosure gloom – Jul. 25, 2008.

If you’re in a position to buy right now, foreclosed properties can be a real deal. Fannie Mae and Freddie Mac both have loads of properties to sell—many of which are under the appraised value.