Mortgage defaults fall slightly - 2005-01-17
The third-quarter 2004 National Delinquency Survey by the Mortgage Bankers Association shows that the seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.41 percent in September, 0.24 percent lower from the same quarter last year.

The inventory of loans in foreclosure was 1.14 percent in September, 0.10 percent lower from a year ago. This rate was the lowest level since the third quarter of 2000.
Read the full story at Westchester County Business Journal

Mortgage foreclosure Tips and Traps - 2005-01-17
Purchasing a foreclosure can be a lucrative investment. Your goal is to acquire property far below market value so your investment already has substantial equity on the day you close.

This means that a bidder must have available a line of credit when bidding. Since the properties are usually sold “as is”, with utilities not turned on; no appraisals can be done. This combined with the rapid requirement for funds, makes traditional mortgage financing unavailable.
Read the full story at WKYT