House Hunting Among The Recession's Ruins

It sounds like a home buyer's fantasy: lenders panting to unload at fire-sale prices, thousands of houses whose owners have defaulted on their mortgages. Foreclosures by recession-strapped homeowners and investors have indeed created opportunities for shoppers in the real estate market. With mortgage rates easing and For Sale signs proliferating, buyers are in the catbird seat. But finding a bargain takes hard work and a critical eye.

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