We are not out of the storm just yet. According to RealtyTrac, more than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Already nearly 528,000 homes were taken over by lenders in the first six months of the year and the market for new home purchases is slowing dramatically.
For those of us with some money left over, the opportunity to grab real estate at rock bottom prices still exits.
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