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