Renters in the Lake Ridge development of Cedar Hill, Texas, which is an affluent suburb community just south of Dallas, were living in million-dollar homes for less than $1,000 per month, according to a recent article in the Dallas Morning News.

It sounds too good to be true, right?

Well, it was — wily con artists were found to be behind the scam, renting out foreclosed mini mansions that they didn’t even own to unsuspecting tenants at rock bottom prices. The scammers would then collect the monthly rent payments until the local authorities or homeowners (banks) discovered the illegal activity.

That didn’t stop them from moving on, however, going from house-to-house and tenant-to-tenant in what authorities are describing as an “ingenious” plan to bilk the system.

Here’s a snip from local law enforcement officials:

“It’s so novel. It’s ingenious, really…. You have to have a somewhat sophisticated person to pull this off. There are holes in the system that allows it to be easy.”

Fortunately, it appears that the problem is being addressed now that scam has been uncovered.

In fact, the article indicates that a local pastor is currently being charged with “one count of securing execution of a document by deception in connection with renting a foreclosed home in Cedar Hill.”

Amen.

Home values in the 20 largest metropolitan areas located throughout the United States continued to decline, falling to their lowest levels since January 2004, according to the the most recent Standard & Poor’s Case-Shiller Home Price Index.

Fourteen of the areas recorded double-digit declines and none of them posted increases for the time between October and November 2008.

This is, of course, more unsettling news for existing homeowners who need to hang in there until the market rebounds. On the flip side, it’s more good news for buyers and investors — home prices are so low right now compared to just 24 months ago it’s incredible.

These deals of a lifetime, however, are beginning to be gobbled up. We’ve been telling you seemingly forever that foreclosure sales are on the rise across the board. And once again a report today in the New York Times supports that reality.

Here’s the snip:

“… tumbling values because of foreclosure sales and forced sales have also prompted a mini-boom in some parts of the country, where rock-bottom prices have lured buyers back into the market. The National Association of Realtors reported Monday that existing-home sales rose 6.5 percent in December, the largest monthly bounce in years.”

The bottom line is there are buyers out there who are pouncing on the amazing foreclosure deals currently available, striking while the investment iron is red-hot.

And who can blame them? Now is the time to buy and invest in real estate because the long-term profit potential is mind boggling. We’re seeing deals featured on Foreclosure.com that are simply unreal.

For example, check out this gorgeous property in Marietta, Ga., which is now available for more than 60 percent less than its true value. It’s a possible savings of $305,900 or more for a home in a desirable suburban community just north of Atlanta.

That’s just the tip of the iceberg.

Check out all the amazing foreclosures deals in your area today before it’s too late. CLICK HERE.

The surge in mortgage defaults and consequent spike in foreclosures nationwide has forced major lending institutions to rethink the way in which they handle marketing and liquidating their inventories, according to a recent article in Daily Business Review (log-in required).

“Lenders have been more proactive,” said Anthony Segrich, Foreclosure.com REO manager, in the article. “The truth is out there, and the stigma is less than it used to be so now they are working toward solving the problem.”

Historically, lending institutions have been reluctant to promote their real estate portfolios. That’s because touting Real Estate Owned (REO) homes — an industry term coined to refer to foreclosures — is, in a sense, admitting that they issued bad loans. Not to mention banks are in the business of lending money … not marketing and selling real estate.

That’s the reason Web sites like Foreclosure.com are so valuable. We have direct relationships with with many of the top lending institutions, as well as best data sources, in the nation. And now that several banks appear to be more willing to share more of their foreclosure listings it can only mean one thing:

Better real estate deals.

Indeed, there is a huge supply of foreclosures currently on the market and not an equal amount of interested buyers. What does that all mean for you? In short, cheaper prices and more choices.

But you need to act fast because the amazing deals that are out there — up to 50 percent or more off true market value — are moving fast. Look no further than the recent report we passed along last week, which indicates that foreclosures sales are skyrocketing while traditional sales are lagging.

In short, foreclosures are hot and getting hotter. And Foreclosure.com is working with lenders and banks every day to pass along all these great saving opportunities to you. Check out what’s available in your area today right here. It’s FREE to search your neighborhood (With FREE 7-Day Trial).

Find that the bank-owned home of your dreams at a fraction of the cost on Foreclosure.com!

While traditional real estate transactions continue to plunge virtually across the board, foreclosure sales are actually surging throughout the United States, according to the latest housing report from the National Association of Realtors (NAR).

In fact, NAR — America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries — estimates (via the Atlantic Journal Constitution) that foreclosures and other distressed properties now account for a whopping 45 percent of existing home sales.

That’s significant and quite remarkable, considering that home sales throughout the nation dipped to the lowest level on record in November 2008, falling 4 percent to 82.3 from from 85.7 in October.

The simple fact is that “mounting job losses and very weak consumer confidence” have taken such a serious toll on prospective buyers. Additionally, with more and more existing homeowners finding themselves in foreclosure situations, smart buyers realize that lenders are more willing to part with bank-owned real estate faster and for far less money.

Especially today, which is considered a buyer’s market where great options are plentiful.

So what are you waiting for? Foreclosures in your area are being gobbled up at rock-bottom prices as we speak. Don’t miss out … search foreclosures in your town or city today for FREE with a Foreclosure.com 7-day trial subscription. No strings attached. Cancel at anytime.

To start finding foreclosure steals now click here before it’s too late!

Attention real estate agents and brokers: The Foreclosure.com Broker Network is the place to be!

Don’t just take our word for it:

“The Foreclosure.com Broker Network is indeed the place to be! I recently upgraded to the million-dollar producer package and I´m already seeing results. Being featured at the top of the directory makes all the difference in the world.”

Mike LaRocca, Realtor®
Lake Worth, Fla.

There’s more where that came from — agents and brokers from around the nation are raving about the #1 directory for real estate professionals.

The Foreclosure.com Broker Network — the most authoritative resource in the foreclosure industry — is more than just a phonebook-style directory. It’s used by major lenders and asset managers, as well as local buyers, to find the best listing agents in the business.

Here are just a few of the many benefits:

• Increase sales — Lenders, asset managers and homebuyers rely on the directory to find the most qualified agents. That means they contact you … a lot.

• Stand out — More than 6 million potential buyers visit our site each month. Cash-in on this massive audience with premier directory placement.

• Get smarter – Professional designations and certifications help agents close more deals. Enjoy discounts on industry training at Agent University to become best in class.

So what are you waiting for?

More than 80 percent of real estate transactions in today’s market involve some sort of distressed or foreclosure real estate. Take greater advantage of this market trend and work with more qualified buyers TODAY with Foreclosure.com Broker Network.

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