Foreclosures Grow by More Than 40% in One Year

Share Article reacts to new study showing historic rates of foreclosure. New study shows that repossession rates on real estate have risen 42% over last year, and experts at suggest that this can be good news financially for both investors and homebuyers.

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Homes on the market now range from small single-family residences all the way to mansions, in virtually every community. Even new homes and condos are available

ForeclosureDeals has released its October 2006 U.S. Foreclosure Market Report, revealing that 115,568 real estate properties across the country were in foreclosure during October. This represents an increase of 42% over the same time last year and rise of 3% over foreclosure rates in September. , an online foreclosure listing service, has responded to current foreclosure trends by reorganizing and hiring new staff to deal with increased demand expected. predicts that more customers will flock to the repossessed property market to take advantage of the deals available. "This may be the best time to buy any sort of distressed home," says a representative. "More foreclosures mean that more people are looking for affordable properties and it also means great selection and prices on repossessed homes", say staff.

"In the past, distressed homes sold for market price or near-market prices, but with more properties in the market, real bargains are available again," notes Investors, especially, can take advantage of the robust new market. Prices are low, meaning more equity on closing and so a larger profit margin. Additionally, more foreclosures give investors new options in real estate. Sellers may be more willing to work with investors and more willing to sell options as well as actual real estate. This can mean more flexible projects for investors.

Homebuyers, especially first-time homebuyers will also benefit from the news, say the representatives at Homebuyers can enjoy a larger selection. "Homes on the market now range from small single-family residences all the way to mansions, in virtually every community. Even new homes and condos are available," say the experts at With prices at 5%, 10%, even %60+ off market value, these homes offer great value for the cash-strapped buyer.

"What we are seeing now is the direct opposite of what has been taking place in recent years, when the number of high-end properties skyrocketed," say staff. "Now, people are looking for - and finding - affordable homes that still offer great value," according to The new low prices can mean smaller down payments and simpler financing, as well. Buyers need to put down less money and invest in smaller mortgages, meaning savings upfront and over the term of a home loan. Savings of tens of thousands of dollars or even hundreds of thousands on larger homes, are possible. "With better value on their home - traditionally, the largest purchase a homeowner makes - homeowners have more money to invest or use, which prevents owners from becoming cash-poor and house-rich, a situation that often leads to bankruptcy," says a representative at

About is a leading foreclosure listing service. As a professional specialized real estate company, lists more than half a million properties across the country. These properties range from historic homes to new condos to new buildings and commercial real estate and every other kind of property. These real estate properties can be found in every community imaginable and works to list properties that are being sold below market value. Based in Florida, the company hires over 60 foreclosure professionals who work 24 hours a day to answer customer questions, update the listings database and find leads on distressed properties. also offers a full resource center, full of useful articles and professional advice aimed at both the homebuyer and real estate investor. is fully committed to protecting customer privacy and offering service that exceeds all expectations.

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Ernani Uchoa
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