Foreclosures at All-Time High, Buyers Are Bargain Hunting

Foreclosure rate dropped by about 5 percent in first half of 2010
Foreclosure rate dropped by about 5 percent in first half of 2010

While experts predict that the rate of foreclosures in 2010 will exceed those in 2009, there is some good news. RealtyTrac, an Irvine, Calif.-based data company, reported that the foreclosure rate dropped by about 5 percent during the first half of 2010.

Still, in the first quarter of the year, one in seven mortgages was delinquent or in foreclosure. That's the highest rate since 1979, when the Mortgage Bankers Association began keeping records. Foreclosures remain high in several states, including Florida, California and Arizona. In Michigan, one in every 237 homes is in some stage of foreclosure, a number that is expected to grow.

On the upside, that means a lot of deals are out there for homebuyers who have the patience and energy to tackle buying a foreclosed home.