Why does foreclosure make it a good time to buy a house?
I read that there were approximately 1.6 million foreclosures in the US in 2006. Texas had the fourth largest foreclosure rate in the country. I am hearing that this is making it an excellent time to buy. I don’t understand why.
They usually sell the foreclosed houses for much less than what they are worth just to get rid of them fast and the banks no longer have to deal with them.
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