There’s a glimmer of hope for the “Sunshine State” housing market, which is among the five “hardest hit” in the nation.

It was hit so hard, in fact, that investors near and far are now snatching up cheap deals left and right with cold hard cash.

Miami Herald reports today that a staggering 60 percent of South Florida purchases have gone to foreign buyers, pushing pending home sales in July up more than 40 percent in Miami-Dade county alone when compared to the year prior (2009).

Jack H. Levine, chairman of the board of the Miami Realtors, is “encouraged” with the latest numbers.

Here’s a snip:

Read the rest of this entry »

It’s a question that countless homeowners are asking due in large part to a soft national housing market.

In California’s Bay Area, for example, sellers are having a hard time coming to grips with arriving at the right asking prices for their homes.

Foreclosures, which can often slice off up to 30 percent on the price of a home, are a big reason behind the mental battle.

USA Today explains the story of Emily Rennie, whose idyllic home near the water’s edge in Oakland, just can’t sell at the price she thinks it’s worth.

Here’s a snip:

Read the rest of this entry »

One man’s junk is another man’s treasure.

William “Lucky” Douglas is proof, selling abandoned furniture and other household items left in the wake of Michigan foreclosures for rock-bottom prices at his “part-flea market, part-thrift shop, part-garage sale” shop called “Lucky & Nisan’s Unique Boutique.”

Foreclosure cleanout crews are often tasked with “taking out the garbage,” rekeying doors and securing properties that go through the foreclosure process. Banks rely on these companies to clean the slate, so to speak, after the homeowners leave and/or are evicted.

Often, the contents of the homes are hauled straight to the local dump. Douglas realized that a lot of good stuff was going to waste, so he decided to do something about it, according to Monroe News.

Here’s a snip:

“I have a friend who has a business where he goes in and cleans out the foreclosures. He had me come in and get the scrap metal and appliances. Then I started noticing all the good stuff people were leaving behind in these homes. I started storing it – I guess I’m a pack rat – and then we opened up a store and started selling it… Whatever’s left behind that the people either didn’t want or couldn’t take. I felt bad at first, but then I figured it could fill a need for other people.”

Douglas is quick to point out the the items homeowners leave behind are fair game for someone in his position — he’s just taking the time to sell the stuff that others either didn’t want or couldn’t take with them.

And, like the homes from which the items come, he offers the merchandise at “firesale prices.” Air conditioners, power tools, bicycles, clothes glassware, knickknacks, books and other “decorative” items are all featured in his shop, with price tags as low as $1.

The “junk” that doesn’t sell is donated to second-hand and/or charitable stores in the area. It’s recycling at its finest.

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.