SACRAMENTO, Calif –OBSNews.com- April 8, 2008 – In the Sacramento Valley cities of Sacramento, Stockton, and Modesto many first time home buyers are buying houses fast not from builders or homeowners, but rather from banks and other lenders who have foreclosed on a house.  The Central Valley of California is one of the places hardest hit by foreclosures in the wake of the collapse of the US housing bubble, and consequently there are many thousands of homes for sale in the local real estate markets in the region.

For prospective home buyers looking to find a great deal on real estate in the Sacramento area the ticket can be a house that has been taken back by the lender.

“We help people buy and sell houses in our backyard and all across the nation.  Many people come to our site because they want to buy a foreclosure house or sell their house to a real estate investor,” said Patrick McGilvray, J.D., president of Sacramento-based www.TheHomeBuyingCenter.com.  “There are some important things to watch out for though when buying or selling houses in this kind of market.  It’s important to have experts on your team who know the local market and can help you avoid some pitfalls.”

The subprime mortgage crisis is nearing its end say some experts but mortgages are still hard to come by for borrowers who don’t have great credit scores.  But, for credit worthy borrowers now is a great time to buy.

SACRAMENTO, CA –OBSNews.com- April 8, 2008 - People looking to buy or sell real estate in Sacramento, California and across the nation are looking for deals and banks and other lenders are often the place to look. Bank owned homes, also known as REOs are coming on the market in record numbers and prospective homebuyers are sometimes having to bid higher on properties just to buy a house. This is reminiscent of the housing market in California’s Central Valley years ago.

Real estate investors are buying houses again in the Sacramento Valley because prices have fallen significantly from their peak in 2006. While many prospective homebuyers are having trouble qualifying for loans there is still an increase in home sales in many parts of the region.

“One of the greatest things about our company is that we’re a nationwide network of real estate investors who still say, “we buy houses” but we’re also a resource for home buyers who want great deals on foreclosure houses either from investors directly or from banks,” said Patrick McGilvray, president of Sacramento real estate solutions company, www.TheHomeBuyingCenter.com. Our investors across the nation report that in many areas they feel prices have hit bottom and they are actively buying to hold or to resell to first time homebuyers.

The housing market may, as a whole, have somewhat further to fall in terms of average house prices, but there is considerable good news for buyers who want to find discounted houses to buy for the long term. The key in this market, say real estate experts like McGilvray, is to get prequalified for a loan, preferably a government FHA loan or other type loan that has a fixed interest rate. Once that step has been taken there are plenty of deals for the savvy buyer.