Traditionally foreclosures have been seen in neighborhoods as the house with the chipping paint and unkempt yard.  Even the neighborhoods of foreclosures were somewhat expected to be lower income neighborhoods.  With the changing economy, foreclosures have taken to a new landscape with both appearances and locations shocking neighbors.

Our national economy has seen housing slumps in the past, but this year’s economic crisis has affected higher market value homes than what was seen in the late 80’s and early 90’s.  Although these higher value homes are still in the minority, numbers continue to grow across the nation.  

Many investors and real estate agents are profiting from this new level of foreclosure.  It is much easier to resell a home in good to excellent condition on the REO market than one that has been run down and not taken care of.  And although financial institutions are taking a loss, they are often ready to accept offers to prevent even greater losses.