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Omaha Foreclosure Homes For Sale

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.


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