Well. . . YES and NO
YES if you are looking for a home priced under market value.
NO if you are looking for a home in super great condition at a give-away price.
Who is the Most Likely to Default on a Loan?
….The homeowner with a 10%-20% equity? …..Or the family that only puts 3½% down, then watches helplessly as market values decrease.
The simple fact is, there are fewer foreclosures in upscale neighborhoods. If a homeowner with 10%-20% equity in his home loses his job, he will most often try for a loan modification, or if necessary, put the house up for sale. At the very least, he usually has enough equity to pay the selling costs, walk away with a few dollars in his pocket, and keep his credit intact.
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