How to Buy Foreclosed Real Estate For a Fraction of Its Value [antikvár]

Foreword It has become a cliché to view home ownership as the American Dream, but there is still truth in it. Prior to World War II, the majority of Americans lived in rented lodging. Then the returning veterans found themselves setting up house in crowded cities; in many parts of the country, rent-controlled housing led to massive housing shortages. Through government initiatives such as the GI Bill and the new Federal Housing Administration (FHA), people who had only dreamed of home ownership were able to purchase housing. For as little as no cash down (through the Veterans Administration—the low-end commitment was typically 3 percent through the FHA), the entire country seemed to open up in a broad-based expansion of single-family home ownership. Suddenly free from the constraints of cramped apartments, limited facilities, and a tight economy, families mushroomed. The baby boom began, a generation (born between 1946 and 1964) that never knew the restrained, austere lifestyles to which its parents had been subjected. The nation's overall standard of living increased dramatically in the years that followed World War II; in time, many baby boomers became yuppies—^and became homeowners as well. The housing prices that greeted these buyers, although comparatively higher than those faced by their parents, were still within reach of these more affluent, career-minded homebuyers. Now it is the baby boomers' children who have reached or are fast approaching the point at which they must leave the nest. These prospective homebuyers often face a significant challenge when it comes to purchasing their own homes. Broad-based changes in the real estate industry have served to put affordable, first-time housing on the endangered list.