Tuesday, June 5, 2007

CNBC asks, Wolves or Vultures?

CNBC, “The Foreclosure Boom”, and an interview with RealtyTrac about the “booming” foreclosure business. CNBC in good humor asks if those investing in real estate foreclosures are wolves or vultures.

“The big question is though, when does avid investing cross that line and preying on those who are down on their luck?”

“Realty track says they are only helping to get these homes sold and are helping the homeowners who would rather sell the house than see it go to the bank. But critics say it's nothing more than food for the vultures.”

Bruce Marks from Neighborhood Assistance Corp of America says: “It's a service to the investors ... the wolves... who are preying on home owners who want to keep their home and aren't even aware that this information is going on RealtyTrac or any of these websites.”

CNBC says, “The fact is that this information is public information-- and for investors out there--it's possibly a great way to a get a great deal.”

See video

I was under the impression that we are now faced with a foreclosure 'crisis' instead of a 'boom' and millions of people's lives are being affected --but I guess that's just me and the so-called critics. Anyways, if you see this as a boom and your wolf instinct tells you that great deals can be found”-- I suggest you first read these 10 reasons on why It's A Terrible Time To Buy before running out and looking for a “great deal”. OK?

Investing in foreclosures is a billion-dollar-a-year business. Even Donald Trump is making money by “educating” his students at Trump University on what he calls a real estate goldmine.

“The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market. ”


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