Which Cities are HOT to buy foreclosures?

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy

Which cities are the hot foreclosure markets?  For example, in May of 2013, Palm Bay, Florida, the average foreclosure purchase is 28% less than all conventional sales in the area.  Courtesy of Realty Trac’s best places to buy a foreclosure list in 2013, out 20 of the largest metro areas in the country, the ones that had the most significant increases in foreclosure activity were Tampa, Miami, Baltimore, Chicago, and New York.  In 2012, almost ¼ of all home sales in the nation were through foreclosure, that means only 75% of homes were conventional or short sales.

Other cities that were selected as good buyer markets were Rochester and Albany, NY; and Lakeland, FL.  Some of the cities that were areas of large activity started to experience significant declines, like Phoenix, San Francisco, Detroit and San Diego. 

Salt Lake City and Ogden, UT; Las Vegas, and Little Rock, AK were among markets that were now nearly impossible to find a good deal on foreclosures.  The lack of inventory in those areas is driving rising prices. 

However for judicial states like Florida and Illinois, we still have about a 2 year backlog waiting in the wings.   Thanks to the enormous scandal of the “Big 5” lenders and the settlements for foreclosure abuse like, robo-signing, foreclosure activity has regained its momentum.

 

So if it’s foreclosures you’re after and want to take advantage of the highest yields, check out this list of the top 20 areas that are overrun with foreclosures, California had 10 overrun markets.  Florida came in 2nd with 6; Illinois had 2, Arizona 1 and Georgia 1.  

http://www.pahroo.com/Which+Cities+are+HOT+to+buy+foreclosures%3f

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Rainer
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Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Michael,

 

Good info!

 

Thanks for posting!

 

Kevin

Aug 21, 2013 08:08 AM #1
Rainmaker
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

We are also experiencing a lack of inventory here in Arizona, which is causing rising prices and a real lack of foreclosures. It has turned from a buyers market to a sellers market over the past year.

Aug 27, 2013 02:51 AM #2
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Rainer
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Michael Hobbs

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