There's No Foreclosure Wave in Sight
- By Jim Lowenstern
- Posted
The rising cost of just about everything from groceries to gas right now is leading to speculation that more people won’t be able to afford their mortgage payments.
If you've been keeping up with the news lately, you've probably come across headlines talking about the increase in foreclosures in today’s housing market. This may have left you with some uncertainty, especially if you're considering buying a home. It’s important to understand the context of these reports to know the truth about what’s happening today.
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Foreclosures increased 20 percent during the month of October when compared to September.
Buying a foreclosed house is different from buying a typical house. One major pro is that most bank-owned homes are vacant which means you’re moving in process is sped up. But there are some things you should keep in mind. Here are five things to you should know about buying a foreclosed property.