Another Top-10 List: Best Places in the Country to (Still) Buy a Foreclosure

Still looking for a great bargain in a foreclosed home? Then look no further than the latest report from RealtyTrac, the leading online market place for foreclosed properties. RealtyTrac has more than 1.5 million default, auction and bank owned listings on their site.

In compiling this list, RealtyTrac looked at both the availability of foreclosures (months inventory) and the discount that foreclosures have in comparison to non-distressed properties in the market place. Note that all but one of the top-10 list (Chicago being the outlier) are in either Florida or New York.

 

 

 

 

 

 

 

 

 

 

 

Markets with very limited foreclosures include McAllen, Texas, Ogden, Utah, Little Rock, Arkansas, Las Vegas, Nevada, and Salt Lake City, Utah.

Go to Money.CNN to read the entire report.

Do not be too quick to blame lenders for some of these relatively large inventory numbers, as states such as Illinois and Florida have judicial foreclosure processes where the courts have to approve the procedure. New York, for example, has the longest foreclosure processing period in the country at 445 days, contrasted to just 27 days in the Texas.

RealtyTrac has compiled a list over viewing the foreclosure process in each state which can be read at realtytrac.com/foreclosure.

Ted

Comments

  1. Donald Morris

    I was interested in finding which markets are hot. I appreciate you posting the article and it looks like 5 of the top 10 markets are in Florida. The numbers in Orlando seem a little off because the market has gotten hot with 10% increase in median house prices. The inventory has become an issue in Orlando now because when a house hits MLS they listing agent are getting multiple offers. Thank you for posting the article.

    1. Ted

      One systemic factor is that housing values are indeed rising in almost every market. Good news is that many individuals that were underwater, can today refinance given their increased equity from rising prices.

      It remains, however, a great time to buy.

      Ted

  2. Paul Bell

    Las Vegas foreclosure inventory has declined significantly with over 40% of the single family home market having sold since January 2008. However, while over 11,000 short sale transactions await approval for closing we still do not know the actual number of units with non-performing mortgages.

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