One only has to go through some villages and seeing all those signs in front of Foreclosed homes is no longer a surprising sight. Hundreds of thousands of homes were foreclosed at the beginning of the real estate crisis and more are still going through the procedures despite all the stimulus packages that the US government has pumped into the economy.
However, if there is a bad side to a coin, there is always a good side and if you are one of those who want to purchase a home then this is, sad to say, the best time to purchase one. Home mortgages are still being offered by the banks and financing companies and in fact, they are just too happy that they have an applicant for the loans. They have the money, they need someone like you to invest.
Those companies which are holding the foreclosed homes would scramble to offer you the best homes that money could buy, at very low interest rates and very low prices. This is in reaction to the simple fact that there are no buyers except for the handful like yourself.
Do not hesitate to purchase a home today even if there is a crisis, especially if you have the capacity to pay. The prices are at their all time low and there are so many choices that you can visit and view. In fact, as Warren Buffet said, despite the catastrophe, there is always the next generation of homebuyers who want to buy homes.
You can find listings for foreclosed properties online or at your local bank. Go to them and ask them for the details. Make sure that you view the properties and that the location is good, that the condition of the home is also good and that you do not need to do many renovations.