To search foreclosed homes for sale in Plainfield, N.J., or anywhere else throughout the United States click here.

One in two homes sold in Orange County, Calif., which boasts 42 miles of breathtaking beach-side real estate, in July 2011 were of the distressed variety, according to a report from NBC Los Angeles.

Foreclosures, short sales and bank-owned properties, which account for about 33 percent of the total listings currently for sale on Southern California hot spot’s market, were a major focus of buyers/investors in the area. And more than a 100 of the listed properties were for sale for more than $1 million, which is about 3 percent of all distressed listings.

Who are the new faces moving into town? First-time homebuyers, mainly, according to Steven Thomas, a local broker who tracks home sales in the area:

Read the rest of this entry »

No, we’re not talking about anything illegal.

But with these historically-low home prices, it might feel as though you pulled a fast one on a bank if you’re able to negotiate a great deal.

It’s no secret that banks repossess homes when borrowers default on their mortgage loan payments. And when these distressed homes fail to sell at public auctions, the banks take them back and list them as real estate-owned (REO) properties for sale.

Banks are motivated to sell their REO homes quickly, which means that they are often willing to part with them at significantly reduced prices.

So how do you go about planning your own real estate heist? Money.MSN.com provides a basic outline:

Read the rest of this entry »

Get ‘em before they’re gone!

CNBC Real Estate Reporter Diana Olick today reports that bank-owned foreclosures (also known as REOs) and short sales — both of which fall under the distressed real estate umbrella — accounted for nearly 50 percent of all home sales in Dec. 2010.

The 47 percent share is up from 44.5 percent in Nov. 2010.

Low interest rates, as well as delayed sales agreements that were finally pushed through after “robo-signing scandal” concerns were alleviated, are the primary reasons behind the major spike.

Thomas Popik of Campbell/Inside Mortgage Finance explains:

“There were signed purchase and sale agreements, and those closings were delayed until the paperwork was reviewed. The major servicers pulled from the market houses that had been listed, and buyers were found. Once those transactions went back on, then they closed, and that’s what bumped up these December statistics so much.”

Keep in mind that home sales are typically down during the holidays, which makes this news even more remarkable because real estate business was actually up 12.3 percent (seasonally adjusted) to close 2010.

To search foreclosed homes and short sale listings for sale in your area click here.

Be sure to hurry … the distressed real estate market is fast and furious. The best deals don’t last long!