===Foreclosures rise nationally in May===
I've been contacting my Investor clients who may wish to take a leap at this point based upon trending of interest rates and foreclosures, which will lead to more need for rentals and the up-cycle for income property/passive investing. Getting the houses at the right price in an adjusting market is the tough part for the investor, as Sellers try to maintain a strong average sales price.
A one-month increase of 3,859 residential foreclosures nationwide tracked by Foreclosure.com confirms the existence of a buyer's market in the residential real estate sector, the company recently announced. Foreclosure.com data also indicates that investors are moving quickly to purchase foreclosed properties, with more than 25,000 foreclosed homes being sold in April 2006. Nationwide, there were 27,064 new foreclosures during May 2006 -- an increase of 16.6 percent compared to April 2006.
The total number of foreclosed homes available for sale in the United States climbed 1.9 percent from the previous month, totaling 89,327 during May. Increasing foreclosure rates during May in California and Florida contributed to an overall national upward trend in foreclosed homes, according to new Foreclosure.com data. Additionally, foreclosure rates rose significantly in Alabama, Louisiana and Mississippi, each of which had been experiencing a lower than normal foreclosure rate following Hurricane Katrina.