According to current statistics, 2008 saw a record 3.1 million homes in foreclosure filings. Bank-owned properties have flooded the market creating a buyer’s market all across the country. It looks like 2009 will find even more families facing foreclosure, possibly reaching as many as 3 million filings before the 3rd quarter. The opportunity to buy foreclosed property at a discount is at a peak time.
The US Department of Housing and Urban Development (HUD) has made a priority of providing homeownership to families with low and moderate income. The FHA insurance program underwrites many of the loans secured by homes financed by banks around the country. When property owner’s default on these FHA insured loans, the real estate ultimately ends up in HUD’s portfolio of foreclosed properties.
Locate investment property or possibly a home for your family. Once you’ve found a home you are interested in, you’ll need to contact a HUD approved real estate broker to finalize a sale.