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Foreclosures Surge

If you have experience buying foreclosed properties, then you're time is now.

U.S. foreclosure filings surged 90 percent in May from a year earlier as more homeowners fell behind on their monthly mortgage payments, RealtyTrac Inc. said.

There were 176,137 notices of default, scheduled auctions and bank repossessions last month, led by California, Florida and Ohio, the Irvine, California-based seller of foreclosure data said in a report today. The median price for a U.S. home slid 1.8 percent the first three months of 2007 as the housing slump entered its second year, according to the National Association of Realtors. The filings rose 19 percent from April.

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Also see Inman.com for more on this:

Here's a rundown on the metro areas with the highest rate of foreclosure filings:

Stockton, Calif. (1 in 88 households)
Merced, Calif. (1 in 100 households)
Modesto, Calif. (1 in 118 households)
Las Vegas
Riverside-San Bernardino, Calif.
Vallejo-Fairfield, Calif.
Sacramento, Calif.
Denver, Colo.
Detroit, Mich.
Miami, Fla.

 

What better place to start than on the Web. There are a number of banks and sites that list foreclosed properties that are looking for buyers:

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