Golden Nuggets of Opportunities in Foreclosures

Foreclosure is a real estate term that has been heard more often over the past year and a half due to the current recession. Unfortunately one person's misfortune, can be another person's gain, but for consumers that are looking to buy a home for 50 to 60 percent below their peak values, can find golden nuggets of opportunities in foreclosed and distressed properties. Via a CNN article there was a foreclosure auction at the Jacob Javits Convention Center in New York City this past Sunday that drew around 2,000 potential buyers looking to find great bargains in the 375 foreclosed properties that were available for bidding. This shows me that consumers have finally acknowledged that there are great deals in the market and they are being proactive in the homebuying process. As more people attend these auctions, inventories in foreclosures will decrease, which will reduce the banks non-performing assets and will create more liquidity for these banks so they can start lending again. Staten Island has already started to see a recovery in the foreclosure market and I am confident that coupled with Obama's foreclosure plan we will see further reductions in foreclosures. Check out the video below highlighting a family's dream to buying a desirably priced home at the foreclosure auction in NYC.

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