Over the recent years, buying a home in the United States has become an ongoing trend in Australia. Many Australians have decided to take advantage of fragile US housing market. There are many factors that influenced this popular trend, such as low property prices, low interest rates, etc., but the most influential factor was, and still is, growing number of foreclosure homes USA.
In 2007 the US real estate market hit the very bottom when the housing bubble burst, causing the overall economic crisis. During this period, the foreclosure rates have sky-rocketed and buying foreclosure homes in USA was practically the best investment strategy in the real estate market. Many Australians, as well as other foreign investors benefited from the “foreclosure fever”, from buying extraordinary homes for cheap prices.
The highest rate of foreclosure was detected in Colorado, where one out of 376 houses has fallen under the foreclosure procedure. Thus, no wonder this was the most attractive area for many Australian investors. Only in 2006, there were around 1.4 million homes that were foreclosed and put on the foreclosure market for sale.
Did you know that currently there are around 1,053, 800 USA foreclosure properties on market? You can find a beautiful house, perfect location included, at a foreclosure price of $200.000, while the real value of the property may even be around million dollars.
Many American families have suffered from the “foreclosure fever”, they have lost their houses due to the fact that they simply could not pay off monthly mortgage installments. Losing the job, unexpected high costs in the family or suddenly increased loan rates of the monthly payments, were the top three reasons for growing number of foreclosure homes USA.
If you are also interested in purchasing a foreclosure and easy-on-the pocket house in the United States, the best thing to do before you even begin your house hunting, is to hire professional real estate agent. Choose a reputable and experienced real estate agent, who knows the history and is in tune with current happenings in the USA real estate market. He/She will be able to guide you through the whole process, from going over all listed foreclosure homes USA, and selecting the one that matches your requirements to finalizing the deal.
Investing in a foreclosure homes USA is a wise and profitable investments, but it’s not risk-free. Therefore, do your research before making any investment decision.