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Best Deals Found in Tax Foreclosure Property Listings

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By : John Cutts    99 or more times read
Every potential homebuyer agrees that this is the best time to buy foreclosed homes as the abundance of distressed properties in the market caused home prices to drop at its lowest level. And where to look for the best deals than in tax foreclosure property listings.

Realtors taking advantage of the current drop in housing prices are conducting tours of houses featured in tax foreclosure property listings. Foreclosure tours are popular in states with high number of repossessed homes, such as California and Florida.

Potential homebuyers ride buses to tour the areas where houses featured in tax foreclosure property listings are located.

The concept is becoming so popular that Jarrett Bouchette, a real estate agent, had to turn away some potential buyers from foreclosure tours that he organized.

Foreclosed homes used to have a shady reputation and were not considered as a good investment. Either they were vandalized, damaged beyond repair or not good to look at. However, changes have been noticed in the types of homes included on current tax foreclosure property listings. Some of these foreclosed properties are nice to look at and some have never been lived in.

Real estate agents have to come up with innovative ways to attract buyers for distressed properties. With the growing tax foreclosure property listings, it is no wonder that competition in the foreclosure market is becoming intense by the day.

As of January 2009, foreclosures reached 72,694 with 14,351 reported in California, 10,007 in Florida, 5,367 in Texas and 5,250 in Arizona. Pre-foreclosure filings reached 166,860 with 33,008 in California and 43,070 in Florida.

A respite from this trend is seen when President Barack Obama announced his $275 billion foreclosure prevention plan designed to help nearly 5 million distressed homeowners.

The plan includes helping homeowners who remain current on their mortgages to refinance their loans to avail of affordable payment terms. It also encourages mortgage lenders to modify loans to allow distressed homeowners to save their properties from foreclosures.

While the verdict is still out there whether Obama’s foreclosure prevention plan will succeed or not, Bouchette will continue to organize tours of homes included in tax foreclosure property listings with sticker prices between 500,000 to over 1 million. These market prices are down 15 percent to 20 percent from their original value two years ago.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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