Foreclosure Listings Provide More Ownership Possibilities for Lower Income Buyers

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Foreclosuresonnet.com, an online resource for information about home foreclosures, says there are more affordable foreclosure listings in places like San Diego than ever.

Foreclosuresonnet.com, an online source for information about home foreclosures, heralds an increase in foreclosure listings for the San Diego area. This change in the housing market is providing more opportunities for low and moderate income households to buy.

Although home foreclosures do not make up the bulk of the housing market, they are beginning to dominate certain neighborhoods, and the affordable rates are opening up opportunities for buyers that might otherwise be priced out of the market. Today's declining prices are actually providing a more stable market after years of increasing prices since 2000, according to John Karevoll of DataQuick Information Systems. Sites like foreclosuresonnet.com, which provide foreclosure listings and information, are offering access to the market for these buyers.    

The increase in foreclosure listings can be seen all across San Diego County, but it is most prominent in Oceanside, Escondido, certain neighborhoods in the City of San Diego and areas in the southern portion of the county such as Chula Vista. The one zip code in San Diego County that has seen the biggest increase in foreclosure listings, however, is 91977. This zip code that represents the Spring Valley area has seen a 654 percent increase in home foreclosures over the same period last year, according to DataQuick.

For low and moderate income buyers, there are some different lending packages available to help them get into these home foreclosures, including fixed-rate loans, grants for low-income buyers and city redevelopment funds. Foreclosures On Net suggests getting pre-approved for a loan and working with counselors from the U.S. Department of Housing and Urban Development. Low income buyers who get loans to purchase home foreclosures of less than $417,000 from government-sponsored lenders Freddie Mac and Fannie Mae will find that interest rates are historically low.

For more information about home foreclosures and foreclosure listings, visit http://www.foreclosuresonnet.com

About Us:
Forclosuresonnet.com is a leading provider of information about home foreclosures, and they provide foreclosure listings for various areas around the nation.

Contact:
Shane Copeland
858-342-1417
scopeland@evisibility.com
Foreclosures On Net
http://www.foreclosuresonnet.com

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Shane Copeland
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