Tuesday, January 16, 2007
Bank Owned Properties (Foreclosures) are once again hitting our local market. I have just listed a property in Stony Point that is a foreclosure. I have taken another property in Chestnut Ridge in to my inventory as well. Unfortunately I see this as trend. Many purchasers over the last five years, bought their homes at a high value and secured a mortgage with 100% financing or very creative financing. As the market adjusts, and some of these homeowners find it difficult to make their monthly payments. Lendng institutions are foreclosing on their loans. For additional information on foreclosures visit my website.