MEMPHIS, TN – While many people look to buy a dream home, a home is all that Thomas Buford wants.
Buford is one of hundreds bidding on about six dozen homes in the
Memphis area.
“I’ve had my fingers crossed for two weeks now.”
Buford hopes that strategy can put him, his wife and three children in a foreclosed home, since his current home is in jeopardy of going into foreclosure.
“Trying to find a house because it’s hard to get right now and about to lose the one we do got.”
Buford may be looking for a home, but Nadine Hubbard is looking for an investment.
Her neighbor’s home when into foreclosure and Hubbard hopes to buy it and rent her current home.
“I can make money just by buying a house and getting a good deal on a foreclosure.”
Experts say the down economy means a good opportunity for home ownership. “What we’re seeing right now is the perfect storm of opportunity for the buyer,” says Real Estate expert Dave Lee. But that same storm has washed away thousands of homeowners in the Memphis area. In the first quarter of 2009, nearly 1500 homes went into foreclosure. To avoid becoming a statistic, experts say you should prioritize your spending. Know your mortgage rights and contact your lender as soon as you realize you have a problem. Otherwise your home could end up on the auction block. It’s advice Buford plans to follow when he purchases his next home. “The little money you do have, you’ve got to hold onto it and do what you can to it and that’s what I’m trying to do.”
Despite the down economy, foreclosures are actually down, year-to-date in Memphis. The first quarter numbers are in and there were 1456 foreclosures in Memphis, compared to 1,730 a year ago.
The hardest hit Memphis zip codes for foreclosures in 2008:
38127 – Northaven / Frayser, where 999 homes went into foreclosure.
38125 – Southeast Memphis, where 948 homes went into foreclosure.
In 2008, there were more than 12,000 foreclosures in Memphis.
