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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Foreclosure Loans Specific links
Foreclosure Loans News
Foreclosure activity rises in most major metropolitan areas - Washington Post
 Boston Globe | Foreclosure activity rises in most major metropolitan areas Washington Post About 1 in 78 DC area loans was in some state of foreclosure from January through June. Foreclosures tend to drag down home prices and undermine the housing ... Rising foreclosures reverberate across economy One Million Foreclosed Homes Forecast For 2010 The 10 Worst Real Estate Markets in the U.S. |
The changes on FHA loans and how they will affect borrowers and sellers - Washington Post
The changes on FHA loans and how they will affect borrowers and sellers Washington Post Many people are vulnerable to foreclosure because their home values have plummeted, making them unable to refinance or sell their properties if they lose ... What does FHA have to offer? More Than You Think “Zero-Down” Mortgages Are Still Available? |
Capital Bank Announces Financial Results for Second Quarter of 2010 - MarketWatch (press release)
 Earthtimes (press release) | Capital Bank Announces Financial Results for Second Quarter of 2010 MarketWatch (press release) Other real estate losses and loan-related costs increased $310 thousand as higher loan workout, appraisal and foreclosure costs were incurred. ... Hudson Valley Holding Corp. Announces Financial Results for the Second Quarter ... Fox Chase Bancorp, Inc. Announces Earnings for the Three and Six Months Ended ... Home Bancorp Announces 2010 Second Quarter Results and Approval of Stock ... |
Indy's foreclosure rate worsens in June - Indianapolis Star
 The Birmingham News - al.com (blog) | Indy's foreclosure rate worsens in June Indianapolis Star The rate of foreclosures among outstanding mortgage loans in the metro area jumped to 3.21 percent in June, compared with a revised rate of 3.16 percent in ... Two more Central Valley metros show declining foreclosure rates Topeka foreclosure rates up a bit Cincinnati foreclosure rate continues to rise |
US Rep Kanjorski Sees Changes For Private Mortgage Insurers - Wall Street Journal
US Rep Kanjorski Sees Changes For Private Mortgage Insurers Wall Street Journal Mortgage insurers only pay claims when a home is foreclosed, but don't absorb losses when a loan is restructured to prevent foreclosure. ... House Subcommittee holds hearing on the future of housing finance and the role ... House Committee Hearing Looks At Role Of PMI Text:US Reps Frank, Kanjorski Announce Sept Hsg Finance Hearings |