Yahoo! for Foreclosures
"In a sign of the financial times, Yahoo unveiled an online Foreclosure Center on Wednesday that gives tips on how to buy foreclosed homes and allows people to search for foreclosed properties by city or ZIP code."
"Yahoo executives said they started the site to help average house hunters find bargains in foreclosed properties. Although Yahoo has allowed people to search for foreclosed homes for several years, it has created a page dedicated to the service and added how-to articles and some statistical information."
'"Foreclosures offer a tremendous savings opportunity, yet for the average home buyer remain an area where access to information is limited," said Michael Yang, general manager of Yahoo Real Estate, in a news release."
"Yahoo's site is certainly an easier alternative to hiking over to the county recorder's office and sifting by hand through foreclosure filings. And there's no question that the number of foreclosures is rising."
'"This is a smart move by Yahoo to tap into a large market," said Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley. "This new market dynamic (of foreclosures) is big, ugly and unfortunate, but it leads to opportunities as well."'
"Real estate experts and consumer advocacy groups estimate that anywhere from 1.1 million to more than 2.2 million Americans could lose their homes through foreclosure over the next several years. The rise in foreclosures nationally is due to a combination of factors, such as homeowners taking on risky or exotic mortgages and then finding their house hasn't appreciated they way they'd been led to expect during the boom years."