Wednesday, January 30, 2013

Why Invest in REO Properties in the Paradise of the Pacific?

Of all the 50 states of America, most people are fascinated with the islands of Hawaii. Despite the area’s vulnerability to different kinds of disasters, many local residents see the archipelago as irresistibly exciting and thus, choose to stay here. Even tourists and non-residents keep on arriving in the islets for they believe they’ll soon reap a sweet fruit out of their stay here.

Though there may be a lot of reasons why people continue to enter the so-called “Paradise of the Pacific,” one of the best reasons may be attributed to the state’s impressive economic performance, especially during the tough financial times. The U.S. Census Bureau reports that the median household income here during the 2007-2011 periods was $67,116. Yes, this figure may seem unbelievable as the national average for this same category was just $52,762 during the same 5-year period, but this is so true. In fact, HI ranked 9th among the states with the highest median household income in 2011. One more thing, the percentage of local residents who were below the poverty level from 2007 to 2011 was just 10.2%, much lower compared to U.S.’s 14.3%.

Hawaii’s REO Properties

Real estate is one of the industries that contribute to the state’s impressive economic growth. While having high foreclosure rates may be considered negative, the data also helps the economy to become healthy due to the revenue it generates after the properties are resold.

Apart from the terms “aloha,” “flower leis,” “volcanoes,” and “beaches,” Hawaii has also been recognized for foreclosures and REOs. There are a lot of properties that go back to the lenders (usually banks) or mortgage companies after unsuccessful foreclosure actions here. These are called REOs. These are actually in demand nowadays because of their affordability. With the current situation of the national economy and tough household financial conditions, many individuals and families are now turning to buying foreclosed homes that are deemed to be official bank-owned properties.

Browse Zillow.com and you’ll be able to see that Hawaii’s foreclosed homes that are put on sale as of early January 2013 cost between $25,000 and $659,000. These prices are expected to further decrease in the coming weeks by the time mortgage auctions turn unsuccessful.

Finding Your Dream Home

With the help of online listings of REO properties, one may achieve the goal of owning a dream home in Hawaii at a very affordable cost. Once the investor already had the idea on how much the property may cost (considering the property type and size), one may proceed in visiting ForeclosureMagic.com, a free website that gives details and specifics of all available homes in each state and U.S. territory.

Interested investors just have to activate a free account to begin the search. Through the help of a map, they can simply place the cursor over their desired area to view the number of listings and to finally decide on their own. If interested, they can click on it and get a glimpse of the significant real estate details pertaining to the home of their choice. They have numerous options as there are available listings for cities in 5 counties: Hawaii, Maui, Kalawao, Honolulu, and Kauai.

ForeclosureMagic.com is a good source of free REO properties information and other real estate data not just in Hawaii, but also all in all locations across the United States. Activate your free account at http://www.foreclosuremagic.com/activate.aspx.


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