This is an article from CNBC that actually came from the New York Times.

The basic premise is that people who are underwater in their current mortgages are walking away from their homes.  Once their value falls below 75% of the amount owed on the mortgage- people walk.

It is a horrible thing for Americans to even have to consider things like this- and even worse that stories like this are common in modern media.

As is customary in America, there is always someone looking for the upside in the gloom of the current real estate market.

Enter the vulture- the bottom feeder- the person who isn’t looking to buy a property… the person who is looking to steal it.  This is the buyer who is looking at foreclosed property.

A person who is looking for a foreclosure isn’t usually a customer at Capstone Homes.  We only sell new homes at the Delaware beaches- and our new homes in the Milton area are typically built to the individual tastes of a specific buyer.  Someone who is looking to purchase bank-owned property isn’t going to be looking at Delaware new homes.

The catch is VALUE.  Someone who is looking at a foreclosure is someone who is (wisely) seeking a great value on a home.  That’s not a bad thing- Capstone Homes believes that our new homes in Cannery Village and Holland Mills are some of the greatest values in any Delaware Beach home you can find.  We think our combination of great floorplans, great communities, quality construction and energy efficiency is a winning combination.

Is a Capstone Home a better value than a foreclosure?  Who knows- what I do know is this…

If someone is going to walk away from a home- how well is that home going to be maintained?  A foreclosed property may have a low purchase price- but the cost of ownership may not be that low at all.  When you buy a home “as-is”- the cost of ownership could actually be much higher than a new home from Capstone Homes.

If you want a great value on a great house- come to Capstone Homes.  We don’t have prices like the foreclosures, but we do have great value.