U.S. Home Foreclosures

In a report just out by RealtyTrac®, shows that U.S. foreclosure activity in October increased by 15 percent from September, but still down 8 percent from a year ago. The October monthly increase was the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010.!

Home foreclosure auctions increased from a year ago in 29 states, including Oregon (up 399 percent), North Carolina (up 288 percent), New Jersey (up 118 percent), New York (up 89 percent), Connecticut (up 60 percent), Nevada (up 53 percent), Alabama (up 41 percent), Washington (up 36 percent), Indiana (up 36 percent), California (up 19 percent) and South Carolina (up 18 percent).

Investors and individuals who are buying home foreclosures may benefit from knowing how to buy these homes. Foreclosures are houses being sold by a lender who has repossessed the home from an owner who couldn’t pay. When you buy home foreclosures, the bank or lender will often sell the home without the usual disclosures and reports a normal California home seller would by law be required to provide.

This fact means you may wind up with a home that requires major repairs or a history that if disclosed would have changed your mind about purchasing or at least would cause you to reconsider your offering price.

If you want to buy home foreclosures, you need to do it right in order to be successful.

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