Omaha Foreclosure Homes For Sale
Foreclosure homes are in high demand. As the real estate recession
subsided and the trend in housing prices turned upward flippers and
investors have pursued foreclosure homes. Omaha has foreclosure homes
for sale like virtually any other community. However, the inventory is
relatively small for Omaha's population level. The reason for the small
inventory of foreclosure homes for sale is that the prime factor behind
foreclosures is loss of employment. Unemployed homeowners often can't
maintain the mortgage resulting in the eventual loss of the home as the
lender forecloses on it. Omaha's unemployment rate remained very low
throughout the recession, remaining at or below the old "full
employment" rate of 6 percent. In fact, Omaha became the "go to" city
for job seekers across the country.
Foreclosure homes made up the majority of sales in some hard hit
markets like Phoenix, Miami and Las Vegas. Omaha foreclosure homes made
up maybe, 10 to 20 percent of the market depending on whether short
sales were counted. While technically an asset foreclosure homes,
referred to as REOs (Real Estate Owned), are viewed by mortgage holders
as liabilities. The longer they are owned, the larger the drain on cash
flow. Foreclosed properties require upkeep and oversight. The lender
has to pay local property taxes and insurance and other holding costs.
They have money tied up in a non performing asset. Once a property is
foreclosed, mortgage lenders hire real estate companies to find buyers.
The big question is whether Omaha's foreclosure homes for sale are a
good deal for the buyer or for the bank. For more information on buying
foreclosed or any other real estate visit our buyers section at the buyers link above.
Discount commissions for sellers.
Cash rebates for buyers.