Business Builder Plan Blog

All data points to the bottom of the Las Vegas housing market being very near. Prices are at near 35 cents on the dollar from highs of two years ago.  Investors looking for cash flow are grabbing up low priced rental properties from $50,000 to $100,000 and owner occupants looking for mortgage payments lower than rents are finding it now.

Home prices peaked in the Las Vegas valley in early 2007.  As the year progressed, foreclosures rose at
a rapid and steady rate, but median home prices stayed relatively stable.  This was a result of home owners and
investors who, not wishing to face the reality of a declining market, left
their homes on the market without lowering their listing prices, even as very
few of them actually sold.  Inventory grew
until the flood gates finally burst.  Since
then, median price highs of around $300,000 at the end of 2007 have fallen at
the rate of approximately $10K per month to the current median price of near
$184,000.

An all too familiar site continues on courthouse steps across the state of Virginia as homes in foreclosure continue to go on the auction block. Earlier this month it was reported that foreclosure filings in Virginia have increased more then 300 percent this past July over the same time period of last year.

The report stated that 1,959 foreclosure filings were reported in Virginia during July alone. According to RealtyTrac the state of Virginia is currently averaging one in every 1,621 households, is in foreclosure. When compared to other states Virginia came in 21st place.

Preforeclosure investing is one of the most lucrative financial vehicles you can leverage to build wealth very quickly. In this market where are seeing a surge in foreclosures, opportunities to make huge profits are more abundant than ever. Here are some frequently asked questions (FAQs) about the world of preforeclosure investing.

1. What is the difference between preforeclosure investing and other types of foreclosure investing?

There are three phases in every foreclosure lifecycle:

• Preforeclosure: The period after which the mortgage company has filed a Notice of Default legal notice in the newspaper or a Lis Pendens lawsuit in the county court and before the house goes on sale at a foreclosure auction. Investors can negotiate directly with homeowners to buy the property and stop the foreclosure auction from taking place.