Wednesday, January 23, 2013

Why HUD Home Listings Are an Alternative Route to Homeownership

The current economic decline has such a huge impact on our lives. Many of us have to work hard to overcome the financial hardship and drastic change in lifestyle. But despite the uncertainties, it is still not too late to find good homeownership deals through HUD home listings, which is an inventory that provides brokers, potential buyers, state and local governments, and non-profit organizations with a complete list of its “for sale” properties.

The U.S. Department of Housing and Urban Development (HUD) was established in 1968 to effectively manage federal housing and community development programs. Many potential buyers are interested in purchasing HUD-owned properties because of their high market value and reasonable price. The housing programs designed by the Federal Housing Administration or FHA and HUD are equally significant in ensuring savings and loan bankers and lenders against borrowers’ default payment.

A recent study by NBC News revealed that 22.8 percent of the 986,355 completed houses, across the country, are foreclosure sales that are actively in default or belong to the bank already. The average price of non-foreclosure properties sale is $249,090 compared to foreclosure sale at $170,040 or 31.8 percent.

Each year, many houses are subjected to foreclosure. Thus, HUD provides all-inclusive information on different websites to assist those who are searching for great real estate deals. Moreover, it offers discounts of as much as 50 percent for “special professionals” such as law enforcement officers, teachers, and non-profit organization specialists. The following cities are ridden with the most foreclosed properties:

  1. California (47.23 percent foreclosure sales)
  • Foreclosure rate: 1 in 68.3 housing units
  • Average sale price:  $179,762.00
  1. Georgia (44.7 percent foreclosure sales)
  • Foreclosure rate:1 in 87.6 housing units
  • Average sale price: $106.042.00
  1. Nevada (44.7 percent foreclosure sales)
  • Foreclosure rate: 1 in 95.9 housing units
  • Average sale price: $122,987.00
  1. Arizona (33.46 percent foreclosure sales)
  • Foreclosure rate: 1 in 92.1 housing units
  • Average sale price: $191,263.00
  1. Florida (20.44 percent foreclosure sales)
  • Foreclosure rate:1 in 119.8 housing units
  • Average sale price: $96,543.00

ForeclosureMagic.com, a free membership service, understands how rewarding homeownership can be. Its foremost aim is to help you find, locate, and invest in prime foreclosed and distressed real estate properties. With its HUD home listings, first time homebuyers, brokers, and investors will definitely find great foreclosed deals. Through the company’s services, it is not impossible to find compelling properties without compromising your budget, location, and size of the family.


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Posted in Foreclosure