“Program returns for 2010 after wildly successful 2009 campaign financially assisted several bright scholars from throughout the nation!”

Boca Raton, Fla. — Sept. 2, 2010 — Foreclosure.com today announced that it will reward five more college students with scholarships who can best provide a solution(s) to one of the most troubling issues facing our nation today:

“How could education at the high school level help avert and/or minimize a future foreclosure crisis?”

Foreclosure.com, which received thousands of entries from students during its inaugural scholarship program last year, will accept written essays/plans (800-word minimum, 2,000-word maximum) through its website from Sept. 1, 2010, to Dec. 1, 2010.

Five winners will be selected at the conclusion of the contest and will share $9,000 in allotted scholarship funds. The top prize is a $5,000 scholarship and four $1,000 grants will be awarded to the runners up.

All students must read and agree to the scholarship rules, which are located on the Foreclosure.com contest page at www.foreclosure.com/scholarship.

“Education equals freedom,” said Foreclosure.com Director of Education, Linda Yates. “Often we don’t know what we don’t know – where do the roots of the foreclosure problem really lie? How far back can we trace it? These are important questions. So we are eager to get answers, which is the reason we are excited to review this year’s submissions on how the future generation of homebuyers will be able to make smart financial decisions.”

In addition to the cash prizes (5) in the form of scholarships, winning submissions will also be published on Foreclosure.com.

For complete details and submission requirements/instructions for the Foreclosure.com Scholarship Program visit www.foreclosure.com/scholarship.

Michael Murphy at MarketWatch.com lays out the compelling, and concise, case (bullets have been shortened):

1. Desperate sellers. Not the homeowners, of course. It’s the banks that financed the mortgages that are desperate…. That gives the few buyers out there big leverage.
2. Little competition. … those investors willing to be patient and do the work will reap big rewards down the road.
3. Low financing rates. … getting 4-to-1 to 32-to-1 leverage at a low fixed rate of interest is like having someone give you money … rates for 30-year fixed mortgages are an incredible 4.5%. That’s the lowest in 39 years….

To drive his point home, Murphy correctly points out that the real estate summer sales season is almost over. Most house hunters prefer to get settled before school starts and certainly before the holiday season begins to heat up.

Indeed, the time between Labor Day (Sept. 6, 2010) and New Year’s Day (Jan. 1, 2011) is the perfect time to “seriously consider making a low-ball bid on a distressed situation.”

Get a headstart today with a seven-day trial to search Foreclosure.com for the best deals in you’re area — it’s FREE! Click here.

It’s no secret that foreclosures often offer buyers and investors significant discounts on home purchases.

Today, the brainiacs at Massachusetts Institute of Technology (MIT) and Harvard proved it with 12 years of research, revealing that “foreclosure reduces the value of a house by an average of 27 percent.”

MIT economist and study author, Parag Pathak, was surprised with the “large” finding.

Here’s a snip:

“It’s not surprising that there is a discount due to foreclosure. But it is surprising that it’s so large.”

Probate homes, which are those sold after the death of an owner, save buyers about 5 to 7 percent on average. Bankruptcy homes, meanwhile, reduce prices by about 3 percent.

Keep in mind that these are all averages, meaning that you can likely score even greater deals with a quick search on Foreclosure.com.

But we doubt that you would mind nearly a 30 percent discount (at the very least) on your next home purchase.

Forbes has compiled a list of the riskiest cities for homeowners, which have the highest percentage of borrowers who are at least three months late on their mortgage payments.

Check it out:

1. Las Vegas, Nevada
2. Riverside, California
3. Stockton, California
4. Modesto, California
5. Bakersfield, California
6. Vallejo, California
7. Orlando, Florida
8. Memphis, Tennessee
9. Miami, Florida
10. Fresno, California

“Sin City” has the dubious distinction of topping this list; however, California has six cities in the top 10, underscoring the distressing situation on the left coast.

The good news is that the “Golden State” recently pledged $700 million to prevent about 40,000 foreclosures. In fact, the program, “Keep Your Home,” is the nation’s “biggest principle reduction program,” trimming mortgages by up to $50,000 each.

If you are a struggling homeowner in California and want to learn more about whether or not you qualify for mortgage assistance click here. Those who want to view foreclosures in California — or anywhere else in the United States for that matter — should click here.

It’s a recurring theme at Foreclosure.com: You ask, we deliver.

In response to overwhelming demand, we recently enhanced our popular “Foreclosure Alerts,” enabling you to now track foreclosure filings on a street level.

Ever wonder, “How can I find foreclosed homes for sale on my street?” Or, “How can I find out if my neighbor is foreclosure?”

Well, now you can get the answers to these types of questions emailed directly to you the moment they happen. And it won’t cost you a single penny.

That’s right, our “Foreclosure Street Alerts” are totally FREE and require zero obligation.

How does it work?

It’s simple: Just provide us with the desired street name and its corresponding zip code. We do the rest.

Want to watch streets in more than one neighborhood? No problem. Foreclosure.com allows you to monitor up to 10 different streets all at once.

So whether you’re waiting for a vacancy to open up on your favorite block or you’re just plain curious, “Foreclosure Street Alerts” ensure that you catch everything in your crosshairs before someone else does.

Sign up today to receive daily “Foreclosure Street Alerts” with no obligation. It’s quick and easy. Did we mention it’s also FREE? Click here.