Members of the military whose constant travel make it unwise for them to commit to purchasing a home to live in are taking advantage of the recent surge in foreclosed properties and purchasing a home a discounted price.
According to a recent article published on Military.com, military personnel who are fed up with paying month after month of rent without building equity have been attempting to take advantage of the housing crisis and purchase a foreclosed home.
The article added that, given the stigmas attached to properties whose owners have fallen behind on their mortgage types and lost them to foreclosure, military personnel have had their choice of available properties across the country.
"It’s somewhat surprising that consumers cite hidden costs as the biggest negative aspect of buying a foreclosed home," said Rick Sharga, senior vice president of RealtyTrac, according to the article.
"Most bank-owned foreclosure sales include the same title protections and other safeguards that are in place for non-foreclosure sales," he added.
A recent RealtyTrak survey found that the amount of foreclosures during the month of November were 18 percent higher than they had been a year ago, but had decreased by almost 8 percent for the month, the fourth decline noted by the realty website.
However, numerous reports have also found that close to 2 million homeowners are falling behind on their mortgage payments and may lead to an increase in foreclosures in 2010.