Golden Nuggets of Opportunities in Foreclosures

Sometimes someones misfortune is another persons gain. In the case of foreclosures this holds true, and first time home buyers are the ones who are truly benefiting from this unfortunate yet fortunate situation. With mortgage rates at their all time lows, the $8,000 tax credit and the great deals on foreclosures this is certainly a first time home buyers goody bag of golden opportunities. Check out the below video from CNN about buying foreclosures/Real Estate Owned Properties.

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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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A Family Blessed by a Blog Miracle

Photo by~wibo~ on Flickr.

It's never too late to talk about Christmas spirit and the miracles that arise from this most joyous holiday. It's tough when a family faces foreclosure, but to receive a foreclosure notice during the holiday season is even more heart wrenching. I read this unique story about a family that almost lost their entire livelihood and home, but they were able to overcome surmountable odds with the help of a friend's blog and the donations from kind hearted people from around the country. Daniel and Ebony Sampson, and their three children were the victims of foreclosure, having to come up with $10,000 within two weeks in order to save their home. Jack Grier, a friend of the family published Ebony and Daniel's story, along with a link where people could make a donation. Astonishingly, within just five days of the blog post the family raised over $10,000 and were fortunate enough to spend Christmas in their wonderful home. What miracles have you seen this year? In light of the current market, I would love to hear some more stories of triumph, so don't hesitate to share them with me and I will in return share them with my loyal SIREN community.

Blog 'miracle' saves Christmas for hard-luck family [CNN]
Blog 'miracle' saves Christmas for hard-luck family [CNN Video]

Photo by CNN

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