We've heard many times from several sources that a mix of adjustable-rate mortgage resets, a softening housing market and the collapse of the sub prime mortgage market has forced many more homeowners into foreclosure. However there is some promising light in this scenario even though generally it's hammering the nation.

Pre-foreclosure filings were down 4 percent in October compared to August nationwide. Where lenders have repossessed the property, REO's, were down 12 percent. Overall nine states showed a drop in per-capita homes lost to foreclosure. Technically, a comparison of pre-foreclosure filings with homes actually going back to mortgage lenders indicates a slowing of the mortgage meltdown in some parts of the country. But there are still a vast number of desperate homeowners seeking an exit strategy.

Back to Harsh Reality

Foreclosures and pre-foreclosure sales are weighing down the real estate market in Worcester, Mass. This working-class bedroom community of Boston is feeling the full effects of the downturn in housing and credit squeeze on borrowers. Worst hit are buyers who bought homes in the past three years with little or no money down. "There is no room for error, lenders still aren't doing enough to help financially strapped customers.

Deals are Deals

An investor and hard money lender in northern Florida who says he has bought and sold more than one thousand properties in the Bay area sold off his inventory during the boom of 2005. But, now he says it may be time to get back in the market. He says there are good deals in desirable neighborhoods adding, "...between now and probably the end of 2008 you're going to have some ideal times for the picking."

However, homes priced under $300,000 are still moving, if they're in good condition, says a number of real estate agents in Florida. The market for homes at $500,000 to $600,000 is much weaker. "People who don't need to sell now should hunker down for the winter and wait for hopefully a better market in the spring," stated the agent.

Even with estimates that lenders are accepting losses of about 10%, on average, in the short sales and following an abrupt end of a home buying and borrowing spree earlier this decade there is more evidence of banks being tremendously cooperative and letting people out of their loans.

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