Buying distressed homes carries risks, rewards

ContraCostaTimes.com | 08/22/2005 | Buying distressed homes carries risks, rewards: "If rising interest rates cause more people to default on their adjustable-rate mortgages, investors could face a potential boon. Buying distressed properties -- those that are in foreclosure or have a foreclosure pending -- is one of the few opportunities to snag a bargain in this overheated real estate market.
But it is not easy, and it entails considerable risk, especially if a property is bought at an auction. And buyers may find that if they have not done their homework, or lack ready cash and an ability to reason with a distraught homeowner, they don't have a prayer of making a profit and could end up in debt themselves."
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State defies increase in foreclosures

Greenwich Time - State defies increase in foreclosures: "Connecticut's wealth and strong housing market are staving off high foreclosure rates that have plagued other parts of the nation, according to foreclosure database companies.

Last month, Foreclosure.com reported that Connecticut was among the states with the fewest number of foreclosed homes, with 142.

Though thousands of property owners were notified of defaulted loans, the state showed an average of 60 new foreclosures each month and a 37 percent drop in active foreclosures since the beginning of the year."
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Risk of foreclosure rises with home sales

Business: "The meteoric rise in home prices has been accompanied by a sharp shrinkage in the size of down payments made by cash-strapped buyers, a trend that could portend a spike in future foreclosures, new research shows.
Nearly four out of 10 (38.1 percent) homebuyers who bought houses in the first half of 2005 put down less than 5 percent of the purchase price, up from 30.6 percent in 2000, according to a study released Tuesday by SMR Research Corp., a Hackettstown, N.J., firm that tracks mortgage debt. Nearly half (49.9 percent) of buyers put down less than 10 percent, up from 44.8 percent in 2000."
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Interest Only Loans: Greater Savings or a New Pair of Shoes?

Interest Only Loans: Greater Savings or a New Pair of Shoes?: "Over the past three years, interest-only loans have surged from under 1% to over 30% of all new home loan originations in some areas, leading many consumers to believe that interest-only financing is a great program for everyone.

However, consumers should understand that interest-only financing was originally created for the wealthy and with very good reason. You see, the wealthy understood that they could put the money saved from monthly payment obligations to work for higher rates of return in other financial instruments. These consumers were not looking to save a few hundred dollars to afford a home � many were simply taking advantage of a loan program that combined the tax advantages of a mortgage with increased cash flow of liquid funds for investing!"
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