Dreaming of living in a waterfront property? Wake up and enjoy life by the bay in Norfolk, Virginia today.

Living in Norfolk can give you the best of living right on the riverside since the city is surrounded by bodies of water. Feel secured and safe in Norfolk since it houses the defense headquarters of the world's biggest alliance, North Atlantic Treaty Organization, or NATO.

Aside from its security, the city boasts of its rich culture and arts. The city hosts several festivals annually and is home to major performing arts companies. The city also maintains a variety of parks and beaches for recreation purposes. Tourists are drawn to the city because of its "Mermaids on Parade" sculptures around downtown.

Living in Norfolk is now possible even for those who have a tight budget. Since there are many bank owned homes in Norfolk, those who want to buy a home in the city can now do so.

Bank owned houses, also known as real estate owned homes, are repossessed properties that were not sold through a foreclosure auction. Banks repossess a property when a homeowner defaults on his credit loan. When the property does not get sold through a foreclosure auction, the ownership of it reverts to the bank.

Banks greatly reduced the prices of the properties just to get rid of them because the number of these properties is continuously increasing. They will lose more if they allow the "non-performing" assets to sit on their inventories for a long period of time.

Home buyers may get a bank owned home in Norfolk far below its original market value today. If you've been waiting long enough for a price markdown of houses, then it's time you make a move before the prices go up again.

Experts say that once the economy recovers from the recession, prices of the properties may hit the roof. So if you think this is the chance for you to own a home, then don't let this once-in-a-lifetime opportunity pass!