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foreclosure

6 Sites to Help You Find Foreclosures

You can search online for bank- and government-owned properties.

Bankrate.com recently released a list of the top ten states for foreclosure (based on June numbers). Many on the list aren't a surprise, but a few -- such as Idaho -- are. Nationwide, foreclosure filings rose 4% from May to June, Bankrate.com reports.

What's helpful about the Bankrate.com list is that it shows the average foreclosure sales price in each of the top ten states. So people interested in buying houses on the foreclosure market get a good idea of what they can expect to pay. A word of warning, though: Foreclosures may look like great deals, but buying one can be a hassle.

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To understand the process, start by reading Foreclosures at Rock-Bottom Prices. Also take our How to Buy Foreclosures quiz for more advice.

To find foreclosures, there are several resources online:

See homes in foreclosure at RealtyTrac.com (free for seven days; $49 a month for a monthly subscription or $25 a month for an annual subscription) and Foreclosure.com (free for seven days; $9.95 a week). Equator.com also provides a free listing of homes in foreclosure.

HomePath.com lists properties owned by Fannie Mae (acquired through foreclosure). Besides listings, Fannie Mae's site also offers two types of financing: the HomePath mortgage, which allows as little as 3% down, and a renovation mortgage, which finances both your purchase and a "light" renovation.

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HomeSteps.com lists properties owned by Freddie Mac. Buyers of a Freddie Mac home that they plan to live in may qualify for a two-year home warranty and a discount of up to 30% on new appliances.

HomeSales.gov lists homes for sale by the federal government.

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