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Foreclosures 101

I have had 2 people call me in the past month who wanted to search the foreclosure market for a deal so I’m writing this to explain how foreclosures work and why they’re not for everyone. Foreclosures are becoming more abundant nationwide in the wake of the major shift in the U.S. mortgage market, but they’re not for the faint-hearted


The Virginia Foreclosure Market

Courtesy of Virginia Business Magazine, here is a good article on how Virginia’s housing market has fared in 2007, despite trouble nationwide with foreclosures. As stated in the article, “At a time when foreclosures are soaring and some mortgage lenders have gone out of business, plenty of homebuilders would gladly trade places with Genuario. And homeowners in other states can’t