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Improved signs of revival have been visible in the housing market in Fond du Lac, Wisconsin.
In comparison with the first quarter of 2008, the second quarter reported, not only homes selling faster, but also for more money. Some segments of the market do remain stagnant though.
Around 195 houses were sold in the second quarter in Fond du Lac. Compared to the first quarter this was close to double the increase in number of sales.
The average selling price of a house has increased to $131,524, an increase of 16% in the second quarter of 2008 as compared with the first quarter. Also, the average time a house spent being on sale went down by 27 days when comparing the first two quarters of the year.
If the numbers of foreclosures for sale in the city increase the chances of prices of homes going down also increase. According to the Wisconsin court, 191 homes from the Fond du Lac County are in some phase of the foreclosure procedure.
With foreclosures often selling for lower than the market value, particularly if the homeowner of the lender wants to sell the home quickly, this is a particularly good time to invest in a foreclosure home.
The internet is a good source of getting listings for foreclosure homes. There are many websites that have listings in an area specific manner. Local newsletters also have lists of foreclosure homes. Besides, one could also get in touch with financial institutions that deal with home mortgages or approach local real estate agents.
If buying a foreclosure home, one should keep in mind that foreclosure homes traditionally sell for lower than homes those are not involved in foreclosure. Whether dealing with a lender or the homeowner, the initial offer made to a prospective buyer usually leaves room for negotiation.
