Today’s economic crisis is a contradiction, at best. It is tragic that many families are losing their homes to foreclosure, but it’s a boon for those who doubt they could ever afford to own a home of their own. Foreclosures are repossessed homes where the owners have defaulted on payments. Financial institutions must recover their losses by selling the homes for enough to cover balances due, and those balances can be much lower than the actual value of the properties.
Fortunately, families can take advantage of these opportunities to acquire cheap homes generated by foreclosures in Iowa. Low unemployment, low cost of living and property taxes that are lower than many other states, put a good light on a decision to find which of these repossessed homes would be suitable for your family.
A search of the RealtyStore database revealed 1,665 Iowa foreclosure listings, as of this writing, including a majority in Des Moines. Many of the homes were in Warren and Polk Counties, with the cities of Council Bluffs, Cedar Rapids and Sioux City also boasting a large number of the REO properties. By Zip Codes, most of the affordable housing was found in 50315, 50317, and 51051.
Iowa is a good place to raise a family or to retire. Even if you choose to live in a city, it doesn’t take long to be out in the country where the stars are visible at night. Residents enjoy four season recreations and entertainment such as Adventureland near Des Moines.
Having a home foreclosed on is a nightmare for anyone, but it can be a dream come true for families and retirees who can grasp the occasion to follow the dream of owning a home offered by the selection of foreclosures in Iowa.