This myFICO webinar “describes some of the fundamentals of FICO® scores and then takes a closer look at some topics pertinent to today’s credit climate… Ethan Dornhelm, a FICO scoring expert shed light on questions like “How do you get the highest FICO scores?” and “How do foreclosures affect your FICO score?”. The myFICO® panel then spent about 15 minutes fielding questions from the audience.”

I don’t agree but economist Christopher Thornberg thinks so. As quoted in the Mortgage Insider, he says:
“I argue… that foreclosures are good for the economy. If someone stops paying their over-sized mortgage on a deeply underwater house they have a lot more money to spend on things like iPods and clothes. So in a sense all these foreclosures are probably one of the things stabilizing consumer spending. That’s far more important to the economy than whether people pay off their mortgages.”
He continues…
“The financial meltdown is done… and what you call …

Buying a foreclosed property is easier said than done. Similar to short sales, buying foreclosed properties often require patience, perseverance, and an eye to discern a diamond in the rough.
CNN.com presents 9 Tips for Buying a Foreclosed Home. Most of the tips are common sense, such as conduct a home inspection, consider the neighbor, and see the home for yourself. However, the article did provide some key takeaways such as…

Budget carefully. Yes, whether you are purchasing your first home, second home, pre-foreclosure, not-a-foreclosure property, you should budget carefully. But most …