Top Cities for Foreclosure Deals

'Impressive' would be a good word to describe the number of distressed and foreclosed homes in years the most recent years. In most towns these foreclosed properties have been drawing investors in to sign a contract. All that is fore sure is that these homes need to sell.

Some investors and buyers may feel a slight sting known as guilt that they're taking advantage of sellers, but keep in mind that these homes are already in the bank's posession. These homes aren't individually owned, and buying up these homes can help reinvigorate the market.

Nearly a third of today's sales consist of foreclosed homes. Most of these homes should be been put on the market a few years ago, but are just now popping up. Don't feel any guilt, because today any sale is a good sale.

According to RealtyTrac.com there are great deals out there. In some towns buyers are able to buy homes at a 50% discount of more over non-distressed properties. They're reporting 'these steep foreclosure discounts are available in a wide range of markets, with a wide range of average priced homes. At the high ends of homes in San Francisco and Bridgeport, Connecticut, where the average price of a foreclosure was more than $300,000-- still 50% below the average price of homes not in foreclosure in the markets.'

Some of these eleven markets had amazingly low prices below $100,000, which made affordability rates sky-high. These cities were Saginaw, Michigan; Toledo, Ohio; Memphis, Tennessee; St. Louis, Missouri; and Milwaukee, Wisconsin. The city that lead the way with an average of 68% discount was Trenton, New Jersey, where the foreclosed property was selling for an average of $108, 302.

The remaining towns in the 50% discount list were Springfiled, Massachusetts;  New Haven, Connecticut; and Atlanta Georgia.

Other cities are still seeing major improvements of their sales being attributed to foreclosures or bank-owned properties. Most of these citites are in the state of California, or in the city of Las Vegas. These cities were some of the hardest hit cities when the real estate bubble burst when the subprime mortgage crisis came to its head.

What this means is that the opportunity for great deals is ripe in these areas. Across the nation, home prices are still on the decline, but with discounts like these investors can afford for prices to dop some more before they begin seeing profits dwindle. In some areas these homes can be flipped for big profits. The time to buy and invest is now.

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