While this has been bad for homeowners who are losing their, investors have benefited greatly from this trend. Housing values have gone down dramatically making many affordable for investors who can convert them into profitable rental properties and other investments. Recent statistics, however, suggest investors interested in taking advantage of this option may need to act fast. The housing market may be improving.

ForeclosureListings.com compiles and tracks data about foreclosures throughout the United States. According to their results, many cities and states have seen a decrease in the number of foreclosures between April and May 2009. These cities include Las Vegas (8.33%), Phoenix (2.28%), Atlanta (2.03%), Detroit (1.02%), Miami (6.10%), and Denver (7.56%). California, Georgia, Texas, Nevada, and Colorado have all seen their statewide numbers of foreclosures decrease by 5% or less. While that may not seem significant, most of these states have seen gains in foreclosures every month for at least a year.

Despite the positive results listed above, ForeclosureListings.com also noticed some hot spot cities on the horizon for potential investors. These are cities that have seen tremendous jumps in the number of reported foreclosures. According to ForeclosureListings.com:
– Chicago increased by nearly 13%
– Minneapolis increased by almost 10%
– North Las Vegas saw an increase of over 6%
– Memphis jumped by over 31%.

Both Illinois and Nevada saw statewide increases: 6.62% and 4.65%, respectively. Florida, Ohio, and Michigan all saw increases statewide of around 1%. While these state increases may seem small, these states have already seen large numbers of property foreclosures and the situation does not seem to be drawing to a close if these most recent figures are any indication.

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With the current price crash within the property market there are a couple of things that has seen a rise of a result of this, the two main ones that I will be discussing in this article are the rise in renting and house auctions.

Renting

People who cannot get a mortgage or have defaulted on their mortgage have been forced to rent until there situation improves. This has been good news for property management firms who have seen a big rise on people looking for rented accommodation. This has also helped private landlords to keep their property occupied. This can usually be a problem for private landlords as they need to have their property occupied to pay of their investment. This has made buying property to rent a more attractive option for investors as this can now be less of a risk. This however does not help in them receiving a mortgage for their property as banks aren’t lending with confidence at the moment.

House Auctions

More and more people are defaulting on their mortgage perhaps due to unemployment issues or similar financial constraints. Although the interest rate is very low at the moment this still does not seem to be helping everyone. It is said that in the last three months of 2008 has seen a rise of 16.3 percent in property auctions. Auctions hold a few advantages for people wanting to buy a home. One being the saving made on the actual cost of the home. Further savings can be made on administration costs.

More costs can be saved because you don’t have to deal with an estate agent which can result in saving in securing the property. The rise of people attending auction has also seen a rise. However this could work against you as more people are bidding on the home, this could make acquiring said house more expensive if there are a lot of competitive bids.

With every down turn in an industry there are winners and losers. In many cases the customer can make great savings, however with people’s budgets being so tight they just don’t have the money to take advantage of the situation. If you do have some saving and you can get a mortgage then now is most defiantly the time to buy.

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With all of the career choices available, many people are trying their hand at getting licensed to become a Real Estate Agent. It is said that not just anyone has the skill to be what it takes to be an agent. You have to get good at the business for example, competing and mediating between sellers and buyers of land and buildings for a set price. Real Estate agents have to stay up to date with stressful and complicated paper work along with transactions to get owners a good and fair price.

Real Estate agents have to be dedicated to what they do ensuring hard work. They have to have the patience possible to work with all different types of clients. They should possess effective communication skills along with convincing qualities to actually complete this type of work. If you are considering this type of career, it’s advisable to collect information and details on different institutions that offer courses in this field. After enrolling, you will have to take a written exam to see if you are familiar with the ins and outs of the business.

It is good to begin searching different Real Estate agencies who are recruiting. You can either do this by searching on the internet or looking through the yellow pages. It will either take a short amount of time to hear back from agencies or you may have a long waiting period. It all depends on who is recruiting and if you meet their qualifications at the present time. If you are a perfect fit, they should hire you in no time at all. It is probably a good idea to work a few years with an agency before venturing out on your own so that you gain experience. Eventually, you can gain a license from your state earning and gaining exposure as an agent.

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