By Charles Carpenter, Chief Instructor,

Every day now it's in the news . . . foreclosures, foreclosures, foreclosures . . . will it never end?

With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand -- real estate.

One of the best places to invest is in foreclosures and bargain residential real estate. The banks are handing out houses like candy now a days.

The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale.

During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Beachfront homes, mountain homes, riverside homes, second homes, vacation homes, even affluent areas are part of the mix of foreclosed properties available.

But anyone considering buying a foreclosed home should forget about paying pennies on the dollar. A great resource for a foreclsoure list is tracforeclosures.com

"You can buy foreclosures for as cheap as 30% or 40% below market, but most foreclosures sell for 15% below market," said a well known real estate expert, editor of Real Estate ForeclosureMonthly, a newsletter based in Alamo, Nevada.

Yet the savings may be twofold if the property is purchased from the lender or any one who holds the mortgage that's in default. That lender may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment. Yep, the banks are giving away houses like candy. Good News!

When is tent not for camping?

Inland, California Between railroad tracks and beneath the roar of departing planes sits “tent city,” a terminal for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 220 residents and now numbers 230 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

Those looking for a foreclosure home to buy find them right here. the best source of Fearless Foreclosure Success by 123ForeclosureSearch.com.

Bank of America is ready for CountryWide,

Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, wow over 4 Billion ! a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.

The acquisition will make Charlotte North Carolina based Bank of America Corp. the nation's biggest mortgage lender and loan servicer. Hard to believe only a few years ago they were in the San Francisco Bay area.

Thanks for reading the latest and greatest foreclosure news.