Preforeclosure definition
With national foreclosure default filings continuing to soar in the five
months of 2006, evidence mounts that increasing numbers of U.S.
homeowners are struggling to stay current on their monthly mortgage
payments.
Now builders are facing a downward market pressure from the rising
numbers of foreclosures. As evidenced by the drop in home sales reported
by builders, speculators are realizing their "investment" are starting
to lose equity as property prices drop, they in turn are forced to lower
their asking price.
Add to the problem an increase in mortgage rates and a hit to the budget
for gasoline, and home buyers have lost a huge number of their buying
power "Preforeclosure definition"
All these downward real estate market pressures continue to build and as
foreclosures start to flood the market, prices will drop even faster.
Consideration points:
- Foreclosures are adding to supply
- Home builders are still adding to supply.
- Real estate investor psychology has changed, reducing demand.
It is these market conditions that will enable the shrewd real estate investor or first-time home buyer a unique opportunity to obtain real estate proerty during the market slowdown.
Keyword: Preforeclosure definition
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Finding Quality Pre-foreclosure Listings
All the sites listed below offer listings for a fee. Take advantage of the free trial period offered evaluate their listings. The sites should offer the latest listings with daily/monthly updates. Using the internet, a number of web sites allow searches by state, county, city, and zip code. Pre-foreclosure listings are public information and generally available at the local recorder's office. Since most pre-foreclosure listing sites offer a free trial period, take advantage to determine if the quality of data and services meet your needs.
| Trial? | Updated? | Rating | Link |
| 7 days | Daily/Weekly | ***** | RealtyStore.com |
| 1 Week | Weekly | **** | Bargin.com |
| 1 Week | Weekly | **** | RealtyTrac.com |
| 7 days | Weekly | *** | Foreclosurenet.net |
| 3 days | Monthly | *** | Foreclosure.com |
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Foreclosure Auction
A foreclosure auction takes place when the borrower in default under a mortgage is deprived of his or her interest in the mortgaged property, as a result of which a forced sale or auction of the foreclosed property takes place, with the proceeds of the sale being applied to the mortgage debt.