Opportunity calling! Buy Foreclosures Now!

Homes are selling at steep discounts, especially bank-owned homes that have been taken in foreclosures. The average Bank owned property cost about 35% less than comparable properties. Also weighing on market prices are short sales, meaning homes where the selling price is less than what is owed by the borrowers. These sold at an average 9% discount.

There were 158,000 deals involving distressed properties nationwide during the first quarter of 2011, but that was less than half the nearly 350,000 deals during the same period two years earlier. So now, there's a three-year inventory of homes in foreclosure for sale, a whole 1.9 million distressed properties.

*Las Vegas has so many foreclosures that 53% of all the homes sold in Nevada are in some stage of foreclosure.

*Foreclosures represent 45% of sales in California and Arizona, and 28% of all existing home sales during the first three months of 2011.

*In New York State, the discount for REOs was 53% during the first quarter. And it was nearly 50% in Illinois, Ohio, and Wisconsin.

Ouch! Time to Buy!