The United States Department of Commerce today issued a report, indicating that perhaps the national housing market is on the road to recovery.

For the third consecutive month single-family home sales have increased. In fact, from May to June 2009, the seasonally adjusted annual rate grew 11 percent to 384,000.

It’s the most dramatic rise in nearly a decade (Dec. 2000), according to the report. And historically low interest rates, as well as the government-sponsored $8,000 tax credit, have a lot to do with the improvement.

Of course, the new home sales figures would more than likely be significantly better if buyers/investors weren’t aggressively pursuing foreclosures and other distressed real estate deals. Remember that foreclosure-related home purchases today account for nearly half of all homes sold on the market.

It’s a staggering statistic … especially if you’re on the house hunt.

So rather than getting beat to the punch, you’re best bet is to frequently check out what’s available in your target buying area. And if you don’t have time to keep track of all the great deals that come along literally daily, then we recommend signing up to receive our FREE foreclosure email alerts.

Enjoy the selection and assortment of great real estate fortune while it lasts — it doesn’t happen very often.

… are heating up the Nevada desert, according to an Associated Press report:

“In the Las Vegas area, home inventories are down nearly 10 percent since March, according to data from the Greater Las Vegas Association of Realtors. Last month, 4,702 homes were sold in southern Nevada, a record number; 74 percent were foreclosures. Las Vegas real estate agent Jonathan Abbinante said he has clients who are making three offers a day on homes they’ve never seen.”

It makes sense — Las Vegas was among several major areas that experienced tremendous (albeit inflated) home value increases during the real estate boom several years ago.

Now with a large inventory of distressed homes from which to choose and lower prices, the best foreclosure deals in and around “Sin City” are being gobbled up by speculators with cash to invest. And banks prefer cash over long-term loans because it helps balance their books quicker, squeezing first-time homebuyers out of the picture.

Indeed, it’s common for traditional buyers these days to be outbid by several different interested parties on bank-owned homes that are priced right. That goes for just about any desirable area, not just Las Vegas.

You’re best bet is to take action before it’s too late — real estate is moving despite what you may hear on the local news. And foreclosures are typically the first to go … the numbers don’t lie.

If you’re in the market for Las Vegas foreclosed homes click here. If you’re an agent who would like to sell Las Vegas foreclosed homes click here.

Freddie Mac, a top player in the home mortgage market, announced today that it will offer attractive new incentives to potential homebuyers who purchase foreclosure homes as part of the HomeSteps SmartBuy sales promotion.

Here’s the deal:

If you find and buy a foreclosure home through HomeSteps® as a primary residence, Freddie Mac will throw in a comprehensive two-year home warranty, as well as pay for your closing costs (up to 3.5 percent of the sales price).

To search for available Freddie Mac foreclosure listings in your area click here.

HomeSteps SmartBuy is a limited-time promotion. It will run from July 17, 2009, to Oct. 31, 2009. Closings must be complete no later than Dec. 31, 2009, to qualify.

The warranty program, which covers the “home’s electrical, plumbing, air conditioning and heating systems, plus major appliances such as water heaters, stoves, washers and dryers, dishwashers and refrigerators,” will be ongoing.

Keep in mind that you do not have to be a first-time buyer to participate — the home would just have to serve as your primary residence (not a vacation home, investment property, etc.) However, the good news is that if you are a first timer you can take advantage of the $8,000 tax credit that expires on Dec. 1, 2009.

HomeSteps SmartBuy is just another reason to get in on the action while the gettin’ is good — act now before it’s too late! The clock is ticking … literally.

For more information please visit www.HomeSteps.com or call (800) 972-7555.

To search foreclosed homes in Long Island and other New York areas click here.

Fannie Mae — among the largest mortgage lending institutions in the nation — has introduced an attractive financing program to “jump-start sales” of its homes in South Florida and beyond, according to the Daily Business Review.

HomePath.com, which includes all properties that are owned by Fannie Mae, will now offer homebuyers the opportunity to purchase foreclosures with just 3 percent down through its HomePath® Mortgage Financing program.

The report indicates that “buyers of Fannie Mae-owned homes can finance up to 97 percent of the sale price and don’t need to buy mortgage insurance, typically a requirement of low down-payment loans.”

Jane Severn, Fannie Mae director of new business initiatives, had this to say about the financing program:

“We heard from buyers that getting financing is one of their biggest challenges when looking to buy a property, particularly foreclosed properties. We are trying to be as flexible as possible for someone to buy a Fannie Mae home.”

There is a wide selection of homes currently listed on HomePath.com, including single-family homes, condominiums, and town houses, which are located in a variety of neighborhoods in all corners of the United States.

To check out the Fannie Mae-owned homes available in your area today visit HomePath.com.