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July 12, 2010

Homes in Foreclosure

The number of homes in foreclosure is expected to reach 4 million by the end of 2010. According to Bloomberg Business Week, more than 7 million homeowners have already fallen victim to America's real estate epidemic which has led to declining property values and lack of new home sales across the nation.

Homes in foreclosure affect more than those who lose their house. Entire communities pay the price. Real estate prices drop dramatically in areas hit hard by foreclosure. Homeowner's association fees rise to compensate for evicted property owners. Communities lose funds normally acquired through property taxes. Local governments are forced to make budget cuts to public services and education.

Real Estate Investing article on "Homes in Foreclosure"

February 15, 2010

Homes in Foreclosure

No one knows the exact number of homes in foreclosure. Financial publications, such as Money CNN and Business Week, estimate the number of foreclosure properties to exceed two million in 2010. Add in the 2.3 million foreclosed homes of 2008 and nearly three million in 2009 and it is easy to see the magnitude of the situation.

Homes in foreclosure affect not only borrowers and banks, but neighborhoods and entire communities. Foreclosure real estate reduces property values of all homes within the area. Communities receive less government funding which in turn forces budget cuts within schools, public services and infrastructure.

Real Estate Investing article on "Homes in Foreclosure"