Free websites that can be used to locate bank-owned property:
American Home Mortgage Servicing, Inc
Bank of America (including Countrywide)
GMAC and CapMark- Now Berkadia
HomePath by Fannie Mae
HomeSteps by Freddie Mac
HUD - Housing and Urban Development Listings
IndyMac (now OneWestBank)
Top Negative Equity States and Cities
Here’s a list of the ten most under water states and the ten most troubled cities when it comes to negative equity.
Top 10 States with Negative Equity as a Percentage of Total Mortgages
National average: 23.8%
Top 10 Cities with Negative Equity as a Percentage of Total Mortgages
Las Vegas/Paradise, NV—74.7%
Riverside/San Bernardino/Ontario, CA—54.9%
Ft. Lauderdale/Pompano Beach/Deerfield Beach, FL—54.2%
Miami/Miami Beach/Kendall, FL—49.8%
Tampa/St. Petersburg/Clearwater, FL—48.5%
West Palm Beach/Boca Raton/Boynton Beach, FL—45.4%
Warren/Troy/Farmington Hills, MI—44.0%
Other markets at or above the national average include Cleveland/Elyria/Mentor, OH; Oakland/Fremont, CA; San Diego/Carlsbad/San Marcos, CA; Washington, DC/Arlington and Alexandria, VA; Atlanta/Sandy Springs/Marietta, GA; Chicago/Joliet/Naperville, IL; Los Angeles/Long Beach/Glendale, CA; and Denver/Aurora/Broomfield, CO.
Most of these markets have seen dropping prices since 2006 and many continue to see drops, though at a slower rate than in the past two years. These will remain the foreclosure capitals of the country for the foreseeable future and the greatest opportunities for Short Sale Investors because of the large inventory of homes that cannot be sold without a loss.
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard