Dot-com: HUD Foreclosures Good Investment Op

HUD's awarding of new Single Family Management & Marketing Contracts for their foreclosed properties has created "a very good investment opportunity" for investors who pay close attention to the inventory, according to Foreclosure.com, Boca Raton, Fla.The company said the awarding of the M&M contracts, last done in 1999, is "a monumental task" for the Department of Housing and Urban Development, causing information on HUD foreclosures to become "intermittent" for up to three months. "This transition will definitely create a backlog of HUD foreclosures over the next two months as the properties are transferred between contractors and the new contractors become familiar with HUD's disposition program," said Greg Sullivan, vice president and co-founder of Foreclosure.com. "While HUD foreclosure inventories should be back to normal levels by the beginning of 2005, this backlog will create a higher-than-average inventory of HUD foreclosures during the first quarter of 2005." Information on HUD foreclosures is available at the company's website, at http://www.foreclosure.com.