Having a home in cities like Las Vegas and Tampa is only a dream now. This is because the rate of foreclosures being offered in those regions has dramatically declined. But the housing markets in other cities seem to have only marginally stabilized with some great foreclosure homes still at bay.
Amongst the places where you can expect to find decent foreclosure homes are Raleigh, San Antonio, Sunbelt, Albuquerque and Oklahoma City. These cities have been identified as the top five places to look for foreclosed homes.
Current statistics show that the markets that have been severely hit have foreclosure rates of up to 4%. Detroit in particular has a foreclosure rate of 4.9% whereas Riverside Calif recorded a rate of 3.8%. In contrast to this we find Seattle to have a foreclosure rate of only 0.4%. Similarly Texas and Austin have foreclosure rates of 0.8%.
Making a good investment in foreclosure homes in real terms requires deep insight. You need to be aware of various different aspects of the housing market and laws pertaining to the particular state in which you purchase a property. For example you could pick up a decent home at a bargain price in Detroit. However the area is currently experiencing a terrible economic environment leading to a major depression in the housing market. This translates as increased recouping costs. Add to that the fact that Detroit is not adding on any jobs nor is it a hospitable location for businesses to thrive hence making it an unfavorable place to invest in despite the major savings available on the initial purchase of foreclosed homes.
On the other hand you have San Antonia which has actually experienced an increase in prices of up to 2.8%. Investing in this market however bears more fruit than putting your money in Sacramento despite the fact that housing prices have dropped by as much as 10% in the region. Hence we find that the reduced price of foreclosure homes is not the only criteria upon which you investment decisions should be based. Rather a number of different factors need to be taken into consideration when looking to make a profitable investment.
Amongst the places where you can expect to find decent foreclosure homes are Raleigh, San Antonio, Sunbelt, Albuquerque and Oklahoma City. These cities have been identified as the top five places to look for foreclosed homes.
Current statistics show that the markets that have been severely hit have foreclosure rates of up to 4%. Detroit in particular has a foreclosure rate of 4.9% whereas Riverside Calif recorded a rate of 3.8%. In contrast to this we find Seattle to have a foreclosure rate of only 0.4%. Similarly Texas and Austin have foreclosure rates of 0.8%.
Making a good investment in foreclosure homes in real terms requires deep insight. You need to be aware of various different aspects of the housing market and laws pertaining to the particular state in which you purchase a property. For example you could pick up a decent home at a bargain price in Detroit. However the area is currently experiencing a terrible economic environment leading to a major depression in the housing market. This translates as increased recouping costs. Add to that the fact that Detroit is not adding on any jobs nor is it a hospitable location for businesses to thrive hence making it an unfavorable place to invest in despite the major savings available on the initial purchase of foreclosed homes.
On the other hand you have San Antonia which has actually experienced an increase in prices of up to 2.8%. Investing in this market however bears more fruit than putting your money in Sacramento despite the fact that housing prices have dropped by as much as 10% in the region. Hence we find that the reduced price of foreclosure homes is not the only criteria upon which you investment decisions should be based. Rather a number of different factors need to be taken into consideration when looking to make a profitable investment.
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