You too can profit from the misery of others!

I guess it should come as no surprise that, with the increasing number of foreclosures, sites are arising to help us find those foreclosure properties and possibly snap up a house at a bargain price. Right now RealtyTrac states there have been 7,594 new foreclosure filings in Minnesota so far this year. Compare that to California with 172,680 foreclosure filings so far this year. In other words, California is seeing 22 times as many foreclosures as Minnesota, with a population that is only 7 times as large.

I find it interesting, though, that right next to the statistics on foreclosures is the dancing guy selling cheap mortgages.

Caveat emptor, I guess.

7 Comments so far

  1. Greg (unregistered) on September 24th, 2007 @ 9:21 pm

    As someone who decided not to buy a home this year, I’m just fine with seeing home prices continue to decline and people who are in over their heads jump ship. I’ll just keep renting until things settle.

    Also, can you put a at the end of your post? It’s italicizing the whole page.


  2. Jim H (unregistered) on September 24th, 2007 @ 9:28 pm

    Thanks, Greg. I fixed that open tag.


  3. Erica M (unregistered) on September 25th, 2007 @ 7:31 am

    While it seems like a good idea to snap up a house that’s been foreclosed on, the state of mortgages these days has me totally unwilling to enter the market. I know that’s irrational and that it’s perfectly possible to get a normal and decent mortgage through the usual channels, but… eek!


  4. JasonT (unregistered) on September 25th, 2007 @ 9:17 am

    I see those ads about making money investing in foreclosures, and I think to myself, wow, I bet those people sleep well at night.


  5. ranty (unregistered) on September 25th, 2007 @ 6:22 pm

    While I will heartily agree that there is a lot of tackiness in certain campaigns to drive buyers toward bank-owned listings, (and some of these websites are not even about that – they just want you to pay for their search tools) the reality is that these foreclosed homes are not going to be given back to their old owners, and the longer they sit around gathering dust and broken windows, the worse it is for the communities in which they are located. As such, I’m happy every time I see one sell.


  6. Steve T (unregistered) on September 30th, 2007 @ 3:12 pm

    Buying foreclosed homes can be seen as insensitive, but it really does provide a service to the neighborhood. Ranty is right, the longer these homes are unoccupied the more they deteriorate, which means when someone finally does buy the place they will have to put even more money and work into it.

    I’ve also noticed that quite a few of the foreclosures were investment homes for flippers, so no one was actually living in it when it was foreclosed on.


  7. Steve T (unregistered) on September 30th, 2007 @ 3:32 pm

    Buying foreclosed homes can be seen as insensitive, but it really does provide a service to the neighborhood. Ranty is right, the longer these homes are unoccupied the more they deteriorate, which means when someone finally does buy the place they will have to put even more money and work into it.

    I’ve also noticed that quite a few of the foreclosures were investment homes for flippers, so no one was actually living in it when it was foreclosed on.



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