Posts Tagged ‘foreclosures’

Intero Insider: It’s Carpe Diem for Investors

By Gino Blefari | November 9th, 2010 0 Comments

“Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”  -Warren Buffet

Hopefully by now we’ve all learned that real estate is not a get-rich-quick game. But with about a third of all home sales being foreclosures right now, there’s definitely a nice field for investors to play in.

Maybe you are an investor looking to buy up some distressed properties on the cheap. Or maybe you’re an agent dealing with a lot of clients who are interested in getting into some investments. Either way – these properties are a substantial part of the housing market right now. Most people are expecting the market to get a little worse before it gets better – which means even more foreclosures coming to market.

Freddie Mac recently announced a $4.1 billion net loss in the third quarter. The mortgage finance company owned nearly 75,000 homes at the end of September due to foreclosure. And that’s just one part – the big banks own loads more too.

With more foreclosures expected, are we looking at a potential fire sale of properties? If so, you’ll want to be ready. But how? A recent New York Times story detailed the long, complicated and frustrating process of buying a foreclosed home. It certainly takes persistence and preparation.

What are the keys to success when buying a foreclosure property? First, you’ll need a strong support team – enlist an agent who truly knows what they’re doing as buying a bank-owned home is definitely not the same as buying a home from an owner or builder.

Second, have cash and lots of it. You will need it for negotiating the best price and closing the deal.

With your cash in hand and experienced agent by your side, you can then proceed to research your local market. This can be tricky as many reports in the news these days seem to paint confused or conflicting pictures of the housing market. Put your blinders on and focus on your immediate location. Look at not only the housing data, but also the overall economic data – are there jobs or expected job growth over the next five to 10 years? What kind of schools are around? What is the area’s biggest industry and what is the outlook for that industry going forward?

Of course, there’s a lot more to it than this. My point is that even though we’re still staring at a long recovery, don’t think you have time to jump into foreclosure investing. Now is the time – because once that bottom is called, the masses will be back in and you may find that you’re too late to the party.

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Intero Insider: Foreclosures Get a Real Rescue

By Gino Blefari | September 15th, 2010 0 Comments

Some good news came on the housing scene the other day: federal housing officials announced nearly $1 billion in funding to buy up foreclosed properties. The money will go to state and local governments so they can purchase, redevelop or demolish these properties.

Foreclosures have become the face of this recession. They can be like a disease that whisks in and infects an entire neighborhood or metropolitan area. The anti-American Dream, foreclosing on a house symbolizes rock bottom for a family’s financial situation.

But the new cash infusion should help to turn it around. Foreclosure is bad, but it can also symbolize a new beginning. If the funds can help state and local governments to transform foreclosures into much-needed affordable housing and rentals, then ultimately it’s better for the community, the local housing markets and local economies.

So far, the money seems to be headed in the right direction. Nearly half of the $970 million will go to the states hit hardest by foreclosures: Arizona, California, Florida and Nevada. Another big chunk is going to states in the Rust Belt, which have also been hit hard by foreclosure and tremendous job loss.

The government said funds can be used to buy property, demolish or rehab abandoned properties, and provide down payment and closing cost assistance to low-to moderate-income buyers, which should help to pump some life into this market segment.

I think it’s a much-needed boost and money well spent. We’ve said all along that there are opportunities in this market despite the gloomy numbers and forecasts. Here’s an opportunity for the state and local governments not only to create a better housing situation for some residents, but to create jobs associated with demolishing and rebuilding, boost confidence and improve their communities.

That’s real forward motion!

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Gen Y Housing Preferences

By Gino Blefari | July 27th, 2010 0 Comments

In reading up on Gen Y – loosely defined as those born between the late ‘70s and late ‘90s – something that struck me as significant was this notion that Gen Y and baby boomers view home buying as starkly different things. A baby boomer would say buying a home is an investment, whereas their younger counterpart would say it’s a lifestyle choice.

I came across an article that dove deeper into the reasoning behind why Gen Y delays home buying compared to boomers. Based on a panel discussion sponsored by the Urban Land Institute, the article mentions that most in Gen Y do not have the resources to buy a home in their 20s. They tend to take breaks from work to travel, which can cost them lost wages and earning potential at this point in their careers.

The article also looks at affordability:

“(T)he average Baby Boomer could afford a home with $48,000 annual income if they bought a home in the early 1980s whereas a Generation Y household would have to bring in $142,000 per year to afford a home today.”

Obviously, all of these things have an impact on the housing market as young, first-time buyers are essential to the move-up market.

What strikes me about this trend of Gen Y delaying home buying is that there’s not a bigger conversation going on. Is it really that Gen Y does not want to buy homes? Or is it that they can’t afford the homes that are available to them? Are they really looking for a different type of ownership than we’re used to?

I think it’s important to engage in this conversation. Statistics show that Gen Y, estimated at 70 million individuals, is even larger than the baby boomer generation. Their habits, preferences and economic situation will have a big impact on real estate.

The current slowdown we’re seeing in real estate is no doubt caused by economic forces – job loss, foreclosures, tightened credit. But in the recovery, there is this other aspect that’s not being discussed as much – this “lifestyle” choice that is a little fuzzier than what we’re used to.

The good news is that lifestyle is exactly what real estate agents are good at understanding. Who better can tell you the little things about a neighborhood or city that don’t get captured in an online listing or for-sale sign? I believe that the more we understand each other, the easier it will be to accommodate Gen Y’s lifestyle choices.

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Intero Insider: A Delicate Balance

By Gino Blefari | February 10th, 2010 0 Comments

For the past two years or so, our nation’s economy has been floundering, doing all it could to get its head above water. The real estate industry has played — and continues to play — rather a large role in how the story pans out. But contributing to successes and failures in our own industry are untold numbers of mitigating factors, from fraudulent lending and sub-prime mortgages, to over-inflated sales prices, foreclosures, tax credits, and the some of the best sales prices in recent memory. When working together properly, these things can spur wonderful upward movement.

When something is knocked even slightly askew, however, that delicate balance can be thrown into a tailspin.

There has been great news of late, of course. Many neighborhoods across the nation have seen upticks in sales prices, many listings are, once again, seeing multiple offers, and interest rates are at astonishingly low levels.

Now, though, we are holding our collective breath, as several things that have helped spur the market along are poised to come to a halt.

First, the homebuyer tax credit. It’s been credited (no pun intended) with getting a lot of buyers into the market that wouldn’t have been otherwise. It was expanded in the Fall, but will expire this Spring.

Strike one.

Second, foreclosures. As we’ve reported already, the incidence of foreclosure continues to rise. Many homeowners in financial distress are simply making the decision to walk away from their homes, and their debts right along with them.

Strike two.

Third, we have another wrinkle. Those low interest rates that we just mentioned? They’re due in large part to Federal Reserve purchases of mortgage-backed securities. Thus far, the Fed’s purchases total almost $1.25 trillion dollars, but those purchases are due to stop near the end of March. This move will likely cause interest rates to turn upward. How much will they rise? That remains to be seen, but initial estimates have them climbing by more than a percentage point by year’s end.

Strike three.

These three factors coming together at roughly the same time could, potentially, throw the tenuous balance and modest signs of recovery we’ve seen thus far completely off kilter. The ever-changing conditions make the handling of a real estate transaction, whether for a buyer or a seller, all the more difficult. Intero’s real estate professionals stay up-to-date with the latest trends and will know which will affect you, and which won’t.

Negotiating the most important financial decisions of your life requires all of the information.  Your Intero real estate professional has that information and will help you keep things in balance.

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Intero Insider: Not Just One Bad Apple

By Gino Blefari | February 2nd, 2010 0 Comments

With the world all a-buzz (and rightfully so) about the state of the economy, the real estate market and the spectre of foreclosures circling around us, it’s not at all surprising that there are plenty of people lying in wait to take advantage of peoples’ insecurities. It’s a shame, to be sure, but nonetheless, inevitable.

In the State of California, it’s not going to be tolerated.

In the United States, there are record numbers of homes either in pre-foreclosure (meaning that the homeowners have defaulted on their mortgage, but have not yet been forced from the home) or in outright foreclosure. In California, the percentage of homes in foreclosure is among the highest in the nation.

For a great many people, the prospect of losing their homes is one of the most terrifying things imaginable. More than the fear of not having a roof over one’s head, there are hits that the process drives into one’s self worth. Sadly, there are unscrupulous sorts out there who prey upon these fears and who will stop at nothing to bilk frightened homeowners for all that they’re worth.

As someone who runs a business whose main goal is to put people in homes … and keep them there, the news of this marked increase in shady business dealings is more than a little bit distasteful.

In 2009, there was a 50% increase in license revocations — 672 in total — for those who had engaged in foreclosure rescue or loan modification scams. For the past two years, there had been, on average, 446 revocations.

Get the facts.

If you’re on shaky ground and are at risk of going into foreclosure, there are legitimate paths to getting help. Make sure that you know your rights, and that your lender has the credentials to back up what they’re promising.

Check the website for the California Department of Real Estate (DRE). Once there, you can check the status of anyone’s license — valid, suspended or just plain revoked — or if they are licensed at all.

If you think you’ve fallen victim to a scam, you should know your rights. If the person you believe to have defrauded you is a licensee in the State of California, you may be able to receive restitution, up to $50,000, from the DRE. If the accused is not a licensee, I’m sad to report that there may be little or no recourse.

If you have questions or concerns, please don’t hesitate to ask your Intero real estate professional. We’re here to help.

And if you’re one of those who’re trying to profit from people’s misfortunes? Consider yourself on notice. The State of California isn’t going to turn a blind eye.

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Are Bank Owned and Short Sales Always a Good Deal?

By Russ Boyd | January 25th, 2010 0 Comments

All home buyers have one thing in common: Everyone wants a great deal. The buying public seems to think that “great deal” equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else’s problems. So the real issue is whether the foreclosure, bank owned or short-sale property you’re considering is a bargain or problem. If you’re looking for a bargain property, here are some key issues to consider:


1. What is your time line for purchasing?
You may find the perfect short-sale property, and the seller may accept your offer. The challenge is that you don’t have a deal until the bank approves the short sale. At many large lenders, a single short sale processor may have hundreds of files to handle at one time. I’ve experience delays of up six to get an offer approved. The wait can be extremely frustrating and it can also be costly.

For example, months from now the offer made today you may be too high or to low. Also, interest rates are more likely to go up rather than down during the coming year. And, just because the seller has accepted your price, it doesn’t mean the bank will. You will have a better shot at buying a short sale where the bank has preapproved the sales price. It still may take a long time to close, but not as long as it would if the price was not preapproved.


2. Are you prepared to be in a multiple-offer situation?
You’re not the only one looking for a “bargain.” Many buyers are searching for distressed properties and the approval process takes so long, multiple offers are common. The sellers agent or lender will not tell you about the details of other offers.


If another offer comes in at a higher price and at better terms, the bank is obligated to take the best offer. If the property is a short sale, the seller’s signature on the document merely opens the negotiation – it does not finalize it. Furthermore, the seller/lender may continue to market the property even after they have signed a contract with you.

3. Ask the agent if the seller participated in the “Cash for Keys” program
The best candidates for good bargains are those properties where the sellers are still occupying them. Many banks have a program called “Cash for Keys.” This program pays the owners of foreclosure and short-sale properties money to keep the owner from trashing the property when they move out. It’s not uncommon for disgruntled owners or tenants to remove or damage appliances, plumbing and electrical systems. Cash for Keys is designed to minimize these behaviors.


4. Beware of tenant occupied and vacant properties
It’s never a good practice to purchase a property without doing a physical inspection. Also, be sure you have stipulated the right to make a final inspection prior to closing.  This is especially important with distress sales.  Also, if the property is tenant occupied be sure the contract states the property must be delivered to you vacant.  Trust me, you don’t want to be responsible for evicting a tenant.   Also, the longer a house stays vacant, the more likely it is that problems will develop.  Not only vandalism, but rats and mice are more likely to move into vacant properties. Rodents can chew through the wiring and generally wreak havoc with the home’s electrical systems.


5. Is the deal more important than your lifestyle?
A property can be a great deal in terms of the price, but is it worth it if it’s in a poorly rated school district or if you end up with an extended the commute? A “bargain price” won’t make up for a poor floor plan, airplane, train or traffic noise or the occasionally whiff of the sewage treatment plant? When you purchase, it’s important that you take all of these issues into consideration rather than focusing exclusively on the price. A property with any of these types of problems will be harder to sell in the future.

As you can see, it’s important to consider the price in conjunction with the quality and the convenience of your lifestyle once you move in.

Of course there are good distressed property deals out there. Nevertheless, don’t limit your search. Keep in mind that, depending on the neighborhood and price range, anywhere for 10 to 50 percent of the sales may be distress sales. This means that 50 to 90 percent of the available homes are likely occupied by owners that are maintaining their homes and in better neighborhoods. In the long run, they may be a much better bargain.


A true bargain is when you find a home in the neighborhood and price ranges that fits your lifestyle. A house you will be proud to call home.

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Confessions of an REO Buyer’s Agent

By Marcy Moyer | January 18th, 2010 1 Comment

One of the great things about being a Realtor is that the profession is always changing. Every year I try to figure out what is on the horizon for this world and how I can get involved in what is new. Despite the relatively few number of REO properties in my market area, they do exist and I have had clients interested in properties that are REO, banked owned and being sold through the multiple listing service. This has lead me into a world that is sometimes more bizarre than Wonderland and definitely harder to understand than astro-physics. But as I said, I love learning new things, and this past year has been nothing if not educational. So here is a summary of what I have learned.

1. Most new buyers have absolutely no idea how to go about buying a bank owned property and have the unsubstantiated notion that the bank will be so grateful to have any offer they will go 30% less than list price, regardless of how low the property is originally listed. Here is my version of the story: Banks generally list the properties 10-20% below similar properties in the neighborhood with the hopes of getting multiple offers. Most of the REO homes in the bay area sell between 5% under and 20% over list. Many of the properties that sell under list price have been purchased by all cash buyers even if there was a higher offer with a loan contingency.

2. Speaking of contingencies here is the order of preference from the bank for financing: cash, conventional loans, FHA, VA loans. No loan contingency will get the banks attention. I did manage to get my VA buyer an offer accepted but he lost out on a number of properties first because of cash offers. Also, the condition of the property requirements for FHA and VA loans are so stringent that many REO properties do not qualify. It is a little easier to get a condo or town home to get thru the condition contingency, but the owner occupancy rate and delinquency rates sometimes derail the process.

3. Inspection contingencies were always the norm because the banks provide no disclosures or reports. Unfortunately this leads to a very high percentage of transaction falling through. Banks definitely prefer no inspection contingencies, so a buyer who inspects before making an offer will have an advantage. This means if you find a home you really want that is bank owned it is a good idea to give the most generous offer you are comfortable with and inspect the house ahead of time. It costs some money, but it is important if you are in a multiple offer situation. I had clients beat out 12 other offers on a very rare bank owned property in Palo Alto by presenting an offer with no loan or property contingencies since they did their inspections before making the offer.

4. If you do need to get a loan, many of the banks will ask you to get pre-qualified with their own bank or with a preferred lender. It is almost impossible to use a mortgage broker for your pre-approval letter so be sure to have a pre-approval from a direct lender and then get the pre-qual from the bank’s preferred lender. Some banks, like Bank of America or Chase will give the buyer some incentives if they use that bank to purchase the house. I had one client who was buying a foreclosure from Countrywide. They agreed to use Countrywide for their loan and when it came time for the appraisal, the appraiser said Countrywide could not lend on the house that they had just foreclosed on because it needed a new roof. I know it seems ridiculous, but I promise I am not making this up. The good news for my clients was that since they could not buy the house from Countrywide with a Countrywide loan without a new roof, Countrywide agreed to put a new roof on the house. Not only that, but the Countrywide appraiser said their house was worth less than my clients had offered and less than what the previous Countrywide appraiser said, so Countrywide agreed to lower the price. I am not convinced any of this would have gone my client’s way if they had used a different lender.

5. Patience is a virtue. You may hear something in a few days and it may be a few weeks after you submit an offer. If you do not get your offer accepted you may never hear back from the listing agent. It is unlikely there will be any phone calls unless your offer is accepted. E-mail is the best way to communicate with an REO listing agent. Some REO agents are using Twitter to update the status of a listing, but I have not found that to necessarily really be up to date. One Friday afternoon I got a call from a listing agent telling me my client’s offer had been received and he thought we would get an answer on Mon. This was a home that had received 13 offers, but I knew if he called me it meant we had a very competitive offer. If you do hear back the first contact may be a “counter” which is just a worksheet asking if you want to make your offer better. You can do that, or re-submit your original price and terms. After that, if your offer is “accepted” it just means they have accepted your offering price. You will get an addendum that negates most if not all of the terms you wrote into your offer and changes them to the terms the bank wants. You can accept the addendum or counter things out. If you are in a multiple offer situation and you counter out some of the terms in the addendum another offer may be considered, or they may stick it out with you.

6. Once in contract, the listing office will generally stop treating you like Public Enemy Number 1 and the staff will take over. At this point it is in everyone’s best interest to get the deal closed so they tend to be pretty co-operative. The most important thing is to follow the timelines for contingency removals and closing. If closing is delayed the buyer will have to pay a per diem charge, usually $100-$150 a day. It is not worth fighting it, you won’t win, and the addendum will say the bank can cancel the contract at any time for any reason. I had a transaction where the title company delayed the close by 4 days because they could not get the HUD 1 statement right. This was a title company chosen by the bank, but my client had to pay for them so my client had to pay the 4 day late fee.

So if you still think an REO is for you I say go for it. You can get a house for less than market value in some neighborhoods, and in others REO’s may be one of the only options. Just go in with your eyes open, thick skin, and a lot of good humor and patience.

If you have any questions or just want to commiserate feel free to contact me.

Marcy Moyer
Intero Real Estate Services
marcy@marcymoyer.com
www.marcymoyer.com
650-619-9285
D.R.E 01191194

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Moving at the Speed of Opportunity

By Russ Boyd | January 11th, 2010 0 Comments

You’ve probably heard the old saying “You Snooze, You Lose!” I’m told that the line came from the character known as George Owens on the 80’s sit com, “Mr. Belvedere.”

I think the words spoken by “George Owens” say a lot about where some “homebuyers” are relative to this market. Hopefully that’s not you.

Some people are sitting on the sidelines…taking a wait and see attitude, waiting for the market to “change,” hoping that some of the perceived risk will be reduced by more stable credit and mortgage markets, and wishing that just one more piece of positive news would filter out of the media to convince them to become active and take action.

Well, guess what? It just isn’t going to happen that way. Not if you want to capture the market at the bottom, at least. Let me explain why, and how to avoid “staying sidelined,” so you are in the right position to capture current opportunities.

Imagine for a moment that you are attempting to merge onto the freeway, where traffic is moving at 65 miles per hour -  now picture yourself coming to a stop.

Being behind somebody that stops on an on ramp waiting for the “right opportunity” can be scary, yet I imagine it’s happened to all of us at one point or another.

So, when you’re at a standstill, how hard it is to find just the right opening between the rapidly moving cars. You know how hard it is to get your car to go from zero to 65 miles an hour in a very short distance and merge into flowing traffic. It’s not easy.

Now, picture yourself in this same situation – only this time, you continue moving down the on-ramp, and, once you find the right opening to merge, you join effortlessly into the moving traffic.

Simply put – it’s hard to find an opening when you are standing still. You know this – but did you know that this principle is not just a question of physics – it’s a question of money and opportunity? And did you know that it applies to many would be home-buyers?

Movement creates opportunity. It invites new things to happen. Movement means you are ready to take action – that you are responding and adapting to the changing marketplace.

As the market continues to evolve we are past the time to watch, to wonder and to wait. Now is the time to pay attention! Watch what’s happening, and look for your opportunity. Believe me the growing positive statistics, like those at our Market Activity website, www.bayareamarketmetrics.com reveal that there are plenty of buyers ready to jump at the right opportunity. Remember, if you are sitting on the sidelines, all you can do is watch.

But what about those that “just got lucky”, right? Well here’s how people get “lucky”, they (1) they get into motion, (2) they get their financing lined up, (3) they find a great agent who welcomes their business and they start looking for the right home (4) They make an offer that fits the circumstances, (5) and THEN they “get lucky”. In other words, they are people willing to move at the “speed of opportunity”.

Remember, just like you can’t easily merge onto a highway from a dead stop -  neither can you find the best home buying opportunity unless you are moving at the “speed of opportunity.”

If you want to move at the “speed of opportunity”, a good place to start is understanding the current level of market activity. Our Bay Area Market Metrics Report can be viewed at www.bayareamarketmetrics.com.

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Intero Insider: Closing The Door on 2009

By Gino Blefari | December 29th, 2009 0 Comments

The Holiday Season is approaching its end. Hopefully, you’ve been able to relax a bit and spend time with family, friends and the people whom you love most. The end of this season signals the rapidly-approaching end to yet another year. A year that most of us are more than ready to put behind us. We’re all looking forward to the promises of the new year. A fresh start. New possibilities. To 2010.

But let’s take a moment to reflect on the year that was 2009, and how it shaped us and our industry.

2009 was a year of change. A change in the way people shop for homes. A change in the way real estate professionals do business. A change in the way we look at things.

Certainly, the economy and its woes played a major role. While there are glimmers of light and signs of improvement on the horizon, rising unemployment (that will likely worsen a bit more before it gets better) and more stringent lending standards continued their stranglehold on the real estate industry.

Mortgage rates found themselves at all-time lows in 2009, but with underwriting restrictions and tightening standards, including tougher rules from places FHA, typically thought more “understanding”, very few people were able to qualify. With the Federal Government’s loan modification program, short sales and a flood of foreclosures with which to deal, banks are not likely to loosen these standards anytime soon.

Of course, the news wasn’t all bad.

With those foreclosures and short sales came some incredible opportunities for those looking to buy a home. For those with open minds and who were willing to exercise a little bit of patience, deals, the likes of which hadn’t been seen in decades, were ripe for the picking.

For those who were really lucky, those deals could be combined with what was (and will likely continue to be) one of the biggest stories in real estate: the Homebuyer Tax Credit. Recently expanded to include a far broader pool of buyers, the HBTC, in 2009, gave first-time homebuyers a credit of up to $8000 when they purchased a new home. For many, this credit was just the boost necessary to get them toward their share of the American Dream.

While 2009 saw nowhere near the panic and angst that riddled Wall Street and the entire real estate industry in 2008, it was a year of sobering news. A year of goodbyes to the old way of doing business. It was a year for real estate professionals to reevaluate their priorities. To rethink how they did things. It was a year of separating the wheat from the chaff, as many Realtors left the profession altogether. Those who dug in their heels, who opened their minds to new practices, who opted to help, rather than hinder, will rise to the top. They will reap the fruits of their labor.

As you’re making your resolutions for the New Year, think about where we’ve been. About how far we’ve come. Think about how you’ll do things differently. Think about the possibilities before you.

Yes, 2009 was a hard year.  But remember our theme for 2009 – “Adversity is your asset. Things turn out BEST for those who make the BEST of how things turn out.”…AND WE DID! So rather than looking back at 2009 as just a “tough year” let’s make it a year in which we have learned. A year that strengthened our resolve, and our collective character. 2010 is OUR time, now let’s go out and TAKE IT!

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Intero Insider: Is There An “Up” Side To All Of These Foreclosures?

By Gino Blefari | September 23rd, 2009 0 Comments

The California Real Estate Market has been hit, and hit hard. That’s no secret.

Statewide, the percentage of mortgage holders in California who have either missed several payments and are in the early states of foreclosure climbed to 9.5%. Combine this staggering figure with job losses and the recession, in general, and the state is likely to see a huge increase in the number of foreclosures.

But is there an “up” side?

Certainly, no one wants to capitalize on anyone else’s misfortune, but there is another perspective. If you’re in the market to buy a house, the news is almost entirely good.

Let’s take a look.

First off, inventory levels may be at all-time highs, and in all price ranges.

Second, sales prices are nothing short of terrific. Case in point: in August 2008, the median price paid for a home in California was $301,000. By August 2009, that number had fallen 17.3% to $249,000. For buyers, this has “good” written all over it.

Mortgage rates are at their lowest levels since the 1960s. Lower rates greatly increase a buyer’s purchasing power. Buyers will be able to get more home for their dollar — more “bang for the buck”; for families looking to upsize, this is the perfect opportunity.

There are fantastic incentives for buyers right now. Last week, we told you about the CAR Mortgage Protection Program, and we hope every home buyer knows about the First Time Home Buyer’s Tax Credit (which is set to expire on December 1st). Your Intero agent can answer any questions you might have about either of these groundbreaking programs.

Last, but by no means least, home ownership has real, sustainable value. Not just financially, but from a personal standpoint, as well. Owning a home gives you a greater sense of well-being and gives you a real sense of investment in your community.

So, yes. While it might be difficult to look at the current data on foreclosure and see a bright side, there really is one. Talk to your Intero agent today about what this can mean for you.

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