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Buying a foreclosed home

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By Adam Allington, KWMU

http://stream.publicbroadcasting.net/production/mp3/kwmu/local-kwmu-829017.mp3

St. Louis – The number of home foreclosures in America continues to grow. This is despite moratoria on foreclosures from many of the nation's largest lenders, including the Bank of America, Wells Fargo and J.P. Morgan Chase.

With steep discounts on bank-owned property and an $8,000 check from the government for first-time home buyers, many folks are wondering if now is the time to jump in.

But what are the risks and payoffs? Adam Allington has a bit of news you can use about buying a foreclosure.

Information from the IRS on the first-time home buyer tax credit can be found here.

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