Reality Trac had commented that 70% of current mortgage defaults are currently not listed in MLS, they are kept off the books because it would impact the economy which would cause catastrophe in the stock markets and our dollar. Up to 9 million homes may enter foreclosure over the 2009-2011 period, versus one million in a typical year. At roughly U.S. $50,000 per foreclosure according to a 2006 study by the Chicago Federal Reserve Bank, 9 million foreclosures represents $450 billion in losses according to the New York Times. The fact is - many people are under the belief that we are coming close to the end of the housing crash, but many sources say it has only just begun. (Read More.....)
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Home prices are falling, and now, more than ever todays buyer has to be well informed. With many foreclosures on the market, and even more to come in 2010 & 2012, it is giving buyers more negotiating power. Financing has become much more difficult, as the "easy loan days" are about over as more homeowners default on their mortgages. Today's buyer has to be cautious and conservative in buying a home they can afford while making a smart purchase. Here are 35 tips common mistakes Home buyers make. 
Increasing your FICO score may take time and often there is no quick fix. FICO scores reflect credit payment patterns over time with an emphasis on recently reported information than older information. There is good news, your old credit doesn't last forever. FICO scores range from 300-850, and most people score in the 600s and 700s. FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders. If you are looking for a home or car loan, lenders typically practice tiered pricing, with interest rates rising as scores go down. If lenders have their best rates offered to borrowers with a score of 700 or higher and yours is a 698, those two points could cost you thousands of dollars. 
Foreclosures can look like a "diamond" deal when you are looking at the *sale* price tag. It has been compared to buying a gift all wrapped up without looking inside the box at the contents, and paying thousands for it. Millions of people have lost their homes, due to mortgage loans, decreasing home values, and higher taxes that have put them in vulnerable situations of accepting deals they otherwise would have never entertained. Banks are also in a compromised position of having millions of negative assets on their books as they go severely in the red. There is no time like today to purchase a foreclosed property, and for that matter, tomorrow looks just as good as today as the bleeding is not going to stop anytime soon. Be warned, as bargain deals may come with draw backs that are not advertised. 
Many homeowners who find themselves approaching a foreclosure and approached other options such as a short sale or loan modification with no success often turn to a Deed in Lieu of foreclosure, because it is the fastest way out.