Many years ago I had the unhappy event of having my house in foreclosure. I was lucky that it happened during the boom years of the real estate market and was able to sell it and have a huge lump sum to buy another home outright. I cannot even fathom what sellers are even thinking right now with the falling real estate market. I have noticed one BIG difference in the market though. Most of the homes, in fact a great majority of the homes now in foreclosure were bought by speculators hoping to cash in on the housing boom. They in turn made many of those home that they bought into rentals with elevated rents to match. These homes are now in foreclosure. Housing markets such as California and Texas are the ones that had many of the speculators going belly up right now. I have no feelings for people that want to drive up the housing market for their own greed.
Because of the housing market down turn there are now many affordable houses on the market in foreclosure. At one time I would have stayed away from buying someones house that they could no longer afford but I would gladly buy a house in foreclosure due to a speculator gone over their head. It is people like that, that make it harder for the average family to afford their own home.
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