It looks like 2007 is going to be a very hot year for foreclosure sales, according to RealtyTrac.com, creator of the largest U.S.-based foreclosure database. The latest numbers released this week show that while foreclosures filed in December 2006 were 9 percent less than November, it was still up 35 percent December year over year. “New foreclosure filings surpassed the 100,000 level for the fifth straight month, something we’ve not seen since we began issuing our foreclosure market report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac, in an online press release.

For many an investor-wannabe, I can hear the sound of chops being licked in the background. The real estate business has been a great creator of wealth for many every-day people, but it’s also created the demise of many a millionaire. If you’re looking to move toward investing in the foreclosure world, it goes without saying that you have some homework in front of you before collecting your rental checks or flipping the property. When an investor is buying what I would call a retail investment property, the property is usually in good condition, the seller actually wants to sell the house and all parties will probably use traditional contracts from established sources, such as the local Realtor association. Such a situation creates a stable environment in which to buy a house that is going to continue increasing in value and where you may already have a tenant in the house.

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