Real Estate Sites Drawing Traffic Due To Foreclosures

Foreclosure rate up 80%

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Real estate Web sites are featuring a growing number of homes that are in pre-foreclosure and foreclosure.

In March, Yahoo Real Estate launched a site focused on foreclosures with Realty Trac broadening the reach of information to nearly 500 million global users. "The goal for you as a buyer is to purchase a property at least 20 percent below full market value, although better deals are often possible," reads Yahoo’s site.

Realty Trac

More regular homebuyers are using these sites to find deals and the U.S. foreclosure rate increased about 80 percent by the end of 2007 compared to a year earlier. "It is what it is. I’m not going to sit here and tell you otherwise," said Bill Staniford, partner at PropertyShark.

"This is a debacle going down from the top of government to the mortgage brokers. There’s lots of blame to go round, but the more people in this industry there are, the better off the homeowner."

Traffic to Realty Trac has increased threefold to around 3 million unique visitors per month from 1 million two years ago. It projects that 40 percent of visits are from first time homebuyers instead of investors or brokers.

Yahoo Real Estate had a fivefold increase in traffic since it added foreclosure listings last year.

Realty Trac has had more interest in its site from overseas investors due to the falling U.S. dollar. The company plans to introduce its subscription U.S. listings service to overseas markets in 2008, and could provide foreclosure information from markets outside the U.S.

Foreclosure.com had more than 362,000 pre-foreclosure listings this week, 39,000 were sheriff sales and 281,000 bankruptcies. ForeclosureUniversity.com brings together news articles on the topic and other sites provide information on home auctions by state.

The U.S. Department of Housing and Urban Development has advice on how to avoid foreclosure if you are unable to make mortgage payments. Their advice is not to ignore your lender.

"This is not something we recommend people get into without educating themselves," Steve Schultz, director of product management at Yahoo Real Estate, told Reuters.


Real Estate Sites Drawing Traffic Due To Foreclosures
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  • Guest

    good site

  • http://www.selfcertremortgages.co.uk scotty

    Its easy to blame the Goverment and mortgage brokers, But the main responsibility lies with the borrower who says he can afford the repayments! Its Just that people rack up other debt on top of the mortgage. We are very careful in when arranging mortgage for a client  from our Self Cert Remortgages website, we quite often find after the deal has finished clients have gone mad with credit cards and loans.

    look after after the pennys and the pounds will look after themselves.

  • http://www.hemroidshelp.com hemroids

    Unfortunately this is all about potential homeowners living beyond their means. Owning a credit card with a $10000 limit is one thing; buying a house that costs $500 00, payable over 40 years, when you total combined income for the family is $45000 per year is unrealistic.

  • Will

    I can totally see this happening because since the market is moving so dramatically theres always a way to make money somehow.  One person I know is beneffiting from such a shakeup in the real estate market is Alexis Mcgee of foreclosures.com. 

  • http://www.animaroo.com puppies for sale

    Foreclosure and mortgage have always been huge, but due to recent events, they are absolutely becoming very popular.

  • http://www.homeremedyhaven.com Home Remedies

    Funny how the crisis works out; the people with money get bailouts and get richer, while it is truly Joe Smith and his family that is affected throgh job layoffs and small business cuts.

  • http://www.frankingmachineink.com Franking Machine Ink

    The banks are happy to lend because they never loose out, only the borrowers who suffer.

    The whole banking system is currupt!!

  • http://www.npostfranking.es Neopost Cartuchos de tinta

    The banks never loose out, money is only figures on a computer screen.

    Changing times!

  • http://www.RealEstate4Profit.net/ Alex Gates

    After one and half years of declining housing sales, the trend is changing and sales are bottoming in most regions. The latest US Housing Numbers reported that the rate of declining home sales is decreasing at a lower rate and is on a path of actual overall growth by years end.

    At this time foreclosed properties become an investment opportunity

    Visit http://www.RealEstate4Profit.net/ or click on the following link if you wish to receive a FREE Report that reveals How to Make Money with Real Estate Investing! http://www.realestate4profit.net/freereport.html

  • Henry

    One of the best foreclosure listings website is ForeclosureDataBank.com. There I found great foreclosure deals. There are over 1.5 million foreclosed homes for sale and they update their listings daily.

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