Field Guide to Foreclosures
(Updated February 2009)
The seemingly unending flow of foreclosure news can be discouraging for consumers and REALTORS® alike. The upside however, is that this challenging market has created opportunities for significant housing bargains. While not for the faint of heart, investing in foreclosed properties can be profitable for those willing to put in the required research and work. This field guide provides links and tips for the potential investor as well as help for those trying to prevent foreclosure. Also included is a video by Freddie Mac (in English and Spanish) on avoiding foreclosure scams. (D. Foligno, Project Specialist)
2008 Foreclosure Rates by State
- Nevada
- California
- Arizona
- Florida
- Michigan
- Idaho
- Georgia
- Colorado
- Illinois
- Virginia
Source: Foreclosure activity increases 81% in 2008, (RealtyTrac.com).
Foreclosure News
More than a third of homeowners in foreclosure suffer from major depression, Penn study shows, (University of Pennsylvania School of Medicine, Aug. 18, 2009)
Foreclosures gaining buyer interest: inspect before you buy; (Realty Times; May 29, 2009).
Road to rescue: How the Philadelphia model can reduce foreclosures across the country, (Association of Community Organizations for Reform Now, Apr. 28, 2009).
Obama foreclosure fix open for business, (CNN Money.com, Mar. 4, 2009).
NAR's summary on the homeowner affordability and stability plan, (NAR Govt. Affairs, Feb. 18, 2009).
Obama foreclosures plan includes federal subsidies, (Boston Globe.com, Feb. 17, 2009).
Foreclosures push U.S. home prices to 5-year low, (Yahoo Finance, Feb. 12, 2009).
Low rates defuse 'exploding' ARMs, (CNN Money.com, Feb. 6, 2009).
Foreclosures dominate home sales, (CNN Money.com, Feb. 3, 2009).
Why be a nation of mortgage slaves?, (Wall Street Journal, Jan. 31, 2009).Q
Fannie strikes deal to modify loans to Prevent Foreclosures, (Wall Street Journal, Jan. 30, 2009). Q
Loan modification can stop the foreclosure crisis, (Wall Street Journal, Jan. 30, 2009).
Home sales soar as foreclosures drive down prices, (San Francisco Chronicle, Jan. 22, 2009).
Obama team makes further assurances on bailout aid, (Reuters, Jan. 15, 2009).
The case for walking away; (Newsweek, Jan. 12, 2009). Q
Foreclosure Fever, (Wisconsin Association of REALTORS®, Jan. 12, 2009).
Economy, housing woes slow migration, census shows, (Brookings Institution, Dec. 24, 2008).
Obama's action plan, (Business Week, Dec. 29, 2008). Q
Renters in foreclosure, (National Low Income Housing Coalition, Dec. 1, 2008)
Seven ways foreclosures impact communities, (NeighborWorks America, Aug. 2008).
States clamp down on sharks; legitimate investors may feel sting, (REALTOR® Magazine Online, Jan. 2008).
Profiting from Foreclosures
7 tips for buying foreclosures, (CNN Money,com, Nov. 19, 2009)
Condo Association to Buy Foreclosures, (REALTOR® Magazine, Aug. 10 2009)
Short-sale pre-foreclosure investing, (Realty Times, Jan. 22, 2009).
Transforming Foreclosed Properties Into Community Assets, (NYU Furman Center for Real Estate & Urban Policy, Dec. 2008).
With homeowners in the red, some see green, (CBS News, Nov. 17, 2008).
The junk boom; profiting from foreclosures, (CNN Money.com, Oct. 7, 2008).
How to buy a foreclosure, (Kiplinger.com, June 2008).
How to work in foreclosures and short sales, (Florida REALTOR® Magazine, Nov. 2007).
Tax consequences of flipping real estate, (BankRate.com, Jan. 2006).
Foreclosure Help
Loan modification can stop the foreclosure crisis, (Wall Street Journal, Jan. 31, 2009). Q
Guide to avoiding foreclosure, (HUD, Jan. 15, 2009).
Forestalling foreclosure, (Time, Jan. 12, 2009). Q
The case for walking away, (Newsweek, Jan. 12, 2009). Q
The court house: how one family fought foreclosure; amid mortgage misery, the Davets fended off eviction for eleven years, (Wall Street Journal, Dec. 28, 2007). Q
Pre-foreclosure FAQs, (HUD, Feb. 27, 2007).
Freddie Mac "Foreclosure Scam 101" video
Freddie Mac "Foreclosure scams 101" video, (English & Spanish, Dec. 6, 2007).
Related Websites
Foreclosure assistance programs by state, (National Association of REALTORS®).
A federal response to the secondary impacts of the foreclosure crisis, (Brookings Institution, Feb. 2009).
Where does your state rank?, (CNN Money, Mar. 5, 2009)
Foreclosure laws & procedures by state, (RealtyTrac.com)
Foreclosure FAQs, (HUD)
Foreclosures.com - Brief summary of foreclosure laws by state
Learn How to Avoid Foreclosure and Keep Your Home - NAR downloadable brochure
Federal Trade Commission - Mortgage payments sending you reeling? Here’s what to do
Foreclosure prevention resource center - Home Loan Learning Center
CNN Money - Renovation calculator
Internal Revenue Service - IRS seized property auctions
RealtyTrac.com - Fee-based foreclosed property search
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
Make money on foreclosures answer book (Adobe eReader)
Short-sale pre-foreclosure investing (Adobe eReader)
Buying Real Estate Foreclosures (Adobe eReader)
The foreclosures.com guide to making huge profits investing in pre-foreclosures without selling your soul (Adobe eReader)
Goldmining in Foreclosure Properties (Adobe eReader)
How to Make Money on Foreclosures (Adobe eReader)
Make Money in Short Sale Foreclosures (Adobe eReader)
Quick Cash in Foreclosures (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Short-sale pre-foreclosure investing: how to buy "no-equity" properties directly from the bank--at huge discounts, (Chicago, IL: John Wiley & Sons, 2008). HG 4521 B43
Foreclosure investing for dummies (Chicago, IL: John Wiley & Sons, 2004). HG 4521 R54
Complete guide to flipping properties, (Chicago, IL: John Wiley & Sons, 2004). HF 5438 B45c
Renovate to riches: buy, improve, and flip houses to create wealth , (Chicago, IL: John Wiley & Sons, 2004). HF 5438 D88
Short sales and forclosures: What buyer's representatives need to know, (REBAC Course; 2009).
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Investing in Real Estate
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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