by Audrina Kingston

Created on: January 14, 2009   Last Updated: October 24, 2009

The number of foreclosed properties in the United States has reached unprecedented highs. In today's market economy, buying and selling foreclosed homes has given real estate investors and buyers the ultimate financial windfall making money buying and selling real estate. Millions of people are benefiting from rock bottom foreclosure deals, and you too, can profit enormously.

Owning a home has always been a major goal of many Americans. But sadly, that realty became a nightmare during the past few years for some mainly because of skyrocketing house prices. But, there's enough blame to go around: mass layoffs and joblessness, a slumping economy, high interest rates, a credit crunch, and unscrupulous mortgage brokers. These unfortunate circumstances grossly contributed to homeowners falling behind on mortgage payments and ultimately plummeting right into foreclosure.

The Truth About Foreclosures.

Foreclosures affect about 8.6 of every 1,000 homeowners whose homes were repossessed by lenders. This figure represents an increase of over 42% from the previous year.

Unfortunate it may be, but foreclosures are a sign of the times. Investment gurus and smart-money consumers with an eye for finding great deals are taking advantage of below-market foreclosed sales by scooping them up. The time is now to cash in on the booming foreclosure market and it's easier than ever.

Years ago, finding foreclosure properties were a rarity. Access was given primarily to realtors and experienced investors rather than to the general public. Anyone fortunate to locate property back then had an even harder time trying to buy the property. But times have changed, particularly in the public's favor. Now, anyone with the right set of skills can capitalize on this opportunity to build wealth in real estate investing.

Default mortgage loans in the United States amounts to over $10 trillion. A staggering figure for sure, but it could fetch you thousands of dollars in if you can take advantage of it.

When you buy a foreclosed home, you really are getting a very good deal. Sales prices are cheap, typically 20% to 45% (sometimes more) below market value. Getting bargain rates are a bonus particularly if you plan to make that residence your primary home or a secondary vacation home. A bigger bonus looms, however, if you desire the property for rental income, or resale property.

Rental properties bring in continuous income. You can use this income towards purchasing other properties. Or, wait until house

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