Foreclosures in California have recently reached an all time high; in fact California is currently leading the nation in foreclosures. According to a report from RealtyTrac as of Jan 2008 Foreclosures in California are up 120% compared to Jan 2007. Thousands of homeowners are defaulting on their real estate property loans and just watching as their house gets auctioned away. Foreclosure auctions are booming in cities such as LA, San Diego, and Sacramento. Once an NOS notice of trustee sale is filed the foreclosure process is in full effect and the house must be sold immediately.
Although foreclosure is devastating to the borrower involved this becomes a great opportunity for active buyers to purchase a home way below market value. Check your county and local listings for recent foreclosure auctions periodically because these homes come and go very fast. Once a foreclosure property list is published move fast check out the property who knows it just may be your dream home.
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