MIAMI, Fla. — Many Americans have been awaiting the results of the recent bank stress tests which served to clarify banks’ capital needs. The results revealed that many banks won’t get a high enough price for their mortgage-related debt. As a result, BankForeclosuresSale.com has an extensive database of bank foreclosures and cheap houses for sale. Once home values began falling in 2007, owners started having trouble refinancing mortgage loans. Defaults rose. That caused bank assets to lose value. Soon, buyers became unwilling to pay market rates for a wide amount of mortgage-related assets, even those that were performing well.
And, unless banks can sell off these assets, they won’t be able to resume normal lending. So, purchasing a foreclosed home is a win-win situation; it helps the banks and it provides a financial opportunity for real estate investors.
Today, many real estate investors see opportunity with so many cheap houses for sale.
“In particular, these falling prices are attracting first-home buyers,” Anthony Baker, BankForeclosuresSale.com, representative says.
For example, across Florida and in other states with high numbers of foreclosures for sale, severe declines in real estate values are reinvigorating a group of buyers previously priced out: middle-class families with steady jobs who are buying a home for the first time.
The National Association of REALTORS(R) recently revealed some numbers that showed the sales of existing homes across the country rose 5.1 percent in February, with much of the increase concentrated in foreclosed homes purchased for less than $300,000. So, even with tighter borrowing restrictions, renters are discovering that they can now afford to own.
About BankForeclosuresSale: BankForeclosuresSale.com is a leading online foreclosure listings’ service that provides information and advice to an array of real estate investors about foreclosures for sale. Their database contains more than 2 million foreclosure listings, including bank foreclosures, and government foreclosures.
The foreclosure listings’ website is updated daily and includes the most accurate information available on foreclosures for sale. Their customer service staff has professional experience in the real estate industry and is available to assist 24 hours a day, seven days a week.
Send2Press(R) is the originating wire service for this story, Copr. 2009.