5 steps to buying a foreclosure

Potential for a great bargain is there, but you have to know what you’re getting into.

By Jerold Leslie of TheStreet

With more than 1 million U.S. homes in some phase of foreclosure, great deals abound — if you know how to separate the wheat from the chaff.

“The No. 1 reason to buy a foreclosure is the potential for a good bargain,” says Daren Blomquist of RealtyTrac.com, which follows the U.S. foreclosure market. “Distressed properties have always come with a built-in discount, even before today’s foreclosure crisis.”

Bank-owned properties, or homes that lenders have seized through… Continue reading

Will the American Dream still include homeownership?

Even after the crash that resulted in millions of foreclosed homes and trillions of dollars of home equity lost, many Americans have not given up the idea that ownership is their economic dream.

By Diana Olick of CNBC

Most Americans want to own their own home. Some even call it a biological urge, based on our human desire to nest. Whatever the current economic condition of the country, whatever the latest programs offered or atrocities committed by government and banking institutions, that desire doesn’t seem to change and is unlikely to change even 25 years from now.… Continue reading

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