Atlanta, GA- Home loan foreclosures by banks can offer a once in a lifetime type of opportunity to buyers who wish to enter the housing market at the lowest price possible.

It is quite possible that you will be able to buy foreclosed homes that you want in an area that you like at a price that you can afford.

This because in the first three months of 2010 there were 930,000 homes whose mortgage loans the banks foreclosed on. This rate is up 7 percent on the previous three months and 16% over the same quarter last year.

Analysts who cover the housing market say that there are three separate levels involved in the progress of foreclosures during an economic downturn. The first level involves property speculators who cease payment on speculative property when prices fall and the market decreases. The next groups of people who lose their mortgages are those borrowers who have had their interest rates increase for a variety of reasons.

Then the third level of people begins to lose their homes to foreclosure. These are people with standard prime rate mortgages who have had a financial crisis due to job loss or other factors brought on by the economic crisis. This third wave suggests to some analysts that a portion of these homes might be lost to the market for good.

Banks foreclose on mortgages and other home loans when the property owner is unable to pay back the money that was borrowed from the bank The property would then be put up for auction that enables anyone interested to buy the foreclosed homes to do so.