The upside of massive Foreclosures, who benefits?

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Realtytrac recently announced a 21% increase in foreclosures over last year. Which says a lot considering the housing crisis was officially ‘last year’. Seems like it’s still going big and strong.

But there is an upside – businesses and websites that help those who’ve been foreclosed on, or that list foreclosing for sale, are really benefiting right now. It’s sort of the goldrush mentality (only in reverse) where the people who made the most money off the goldrush were those who opened bars, or sold supplies.

Realtytrac is a good example of a business still thriving.

Also now is a GREAT time to buy a house especially if you can pay cash, eventually the housing market will rebound (if it doesn’t we’re screwed). Houses are selling dirt-cheap. If you buy them, fix them up and rent them to the very people being foreclosed on then you stand a good chance of making good money.

If you’ve been foreclosed and lost your 300,000 home – you can still rebound. Try to get into a foreclosed home for 20,000. A good free site to lookup foreclosures is homesteps.

There’s still potential here – according to homesteps there are 753 homes for less than 30,000. Some are as low as $1,000 – but be wary the cheaper, the more likely you will need to invest a ton in repairs.

Another great site to check out for free listing of foreclosures is realtor.com.

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Tagged with: fha guidelines • foreclosed home • foreclosure notices • foreclosures • housing market • investors • non profits • realtor • realtytrac • rescue efforts

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