Distressed Americans Reaching Out To Websites On Foreclosures

August 6th, 2008

Distressed Americans are trying to reach out to websites that offer news and views on foreclosures and offer suggestions to combat the same. An increase of 53% in the viewer ship searching for the word foreclosures had been noticed since the past year, reported RealtyTrac, an online real estate database company of the country.

Mark Britton, of Avvo.com, expressed no surprise at the development. His website allowed viewers to rate lawyers and attorneys. He found that searches for eminent lawyers dealing with foreclosures had increased eight times during the last six months, and a foreclosure attorney handled 10 to 15 cases on a single day. Both the companies claim that the recent splurge in demand for their websites was due to the foreclosures crisis that had the nation in its grip and was intensifying. The Wall Street’s giant bears were horrified at the latest report on house foreclosures during the second quarter of the year. The sub-prime debacle had hurtled more and more borrowers to search for sites that might navigate them out of their present situation.

Attorneys engaged in counseling on foreclosures mortgages also were highly in demand, according to study on searches.SCOR launched a search marketing tool to track searches in the country last year. The com.Score research firm reported that in June, 2008 alone 1.82 billion people searched for the term foreclosures, projecting an increase of 117% in one year.

It also said that 14.5% searched for the term distressed properties and visited the website Foreclosure.com which helped people sell off distressed properties at a discount and was in business for the past ten years. This phenomenon is taken to be the natural outcome of the nationwide foreclosures sales that has been soaring since the past two years and in the states of Nevada and California in particular. According to com.Score, RealtyTrac, which provides online database information on foreclosed properties of the entire nation and Trulia.com another search engine on real estate, are experiencing heavy traffic related to foreclosures, especially in the second quarter of the year.

Subsequent to the search on foreclosures, the distressed borrowers visited the US government’s website on housing and development HUD and another website Hud.com to pick up relevant tips that might help them to avoid foreclosures and bankruptcy. The sites also provided information regarding government assistance to sub-prime borrowers with adjustable-rate mortgage and whether they qualify for it or any other special loans offered by the government that they might be eligible for.

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