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Find a Cheap Foreclosure

It's a buyer's market. You know that just from reading the paper.

There are lots of foreclosure properties available. You know that, too.

But how do you find the best foreclosure opportunities? As I talk about in my book The Millionaire Zone , the best ones are often right in your own backyard.

There are thousands out there already, and there are sure to be more. I believe the iceberg has just started to surface.

I also believe what lies below may be higher-quality properties, not just the neglected ones we often see. I predict coming to the market are a lot of good homes owned by good homeowners who are simply throwing in the towel.

Why? First, the adjustable-rate mortgage bite has just begun.

Loans granted during the go-go years of 2005-06 are just hitting their adjustments, and the impact to homeowners is starting to be felt. The National Association of Realtors just released a forecast for the first down median-home-price year since the Great Depression. This is bound to bring in more towels.

Second, lenders have been fighting hard to restructure loans and payments, but there's only so much they can do.

Real estate is piling up on their balance sheets -- in some cases inflating precious reserve requirements they must keep -- so I expect to see a lot of new lender-owned properties hit the market. Still more towels.

Click here for the video version of this story from Jennifer Openshaw.

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