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It is not possible in the world of disparities to afford an own house for everyone. Paying rent is the burden every month which does not accumulate any thing and is an expenditure rather than investment, then why not go and buy a home foreclosure which is available very cheap these days and instead pay for the mortgage of own house which is an investment.
In the period of recession, houses are available at a percentage of market value. As these houses are taken over by lenders to meet their unpaid mortgage, they sell off the property as soon as possible because they are into the business of finance and not the real estate. Because the lender only wants to cover his debt, the selling price of the houses is often less than that of the market value. This make the people to afford house which otherwise was not granted by their financial situation. Most buyers end up their deal by getting 30 to 60 percent off the actual value.
Markets will not remain same and are bound to improve in the time to come. Cheap houses are also attractive among the prospective investors. Dealing in cheap properties gives a chance to save and will return high profit in boom time that means they can buy in low and sell in high.
Potential investor does look for immediate profit rather analyses the cash flow from the property. That means he waits for the right time and to get himself out of its operating cost and to have handful income by renting out the property thus making him enjoy the income and investment from cheap properties.
To find cheap houses many sources are available. Banks often auction the foreclosed property where if you luckily win the bid, you will soon have the homeownership. Buyer can also search the government foreclosure listings, which are sold just to collect unpaid taxes. Because other party in this case is government whose goal is not to earn profits and taxes are the small part of market value of the house, the deal can prove fruitful to the prospective buyer. HUD (Housing and Urban Development) is also the excellent source who sponsors home loans and on default from homeowner side, this agency takes over the house to recover bad debts from the lender or home owner.
HUD Fair Housing Equal Opportunity