10 Best Places to Get Foreclosure Deals (Really?)
I stumbled upon another intriguing piece of news on the Realtor wire today.
Apparently the March 19 edition of Forbes magazine contains an analysis of the country’s 100 largest metro areas, and has a “top 10 list” of the best places to pick up a foreclosure deal right now.
Their aim was to determine where banks and sellers were offering the largest discounts on foreclosed properties.
Here’s what they came up with…
- Charlotte, N.C.
- Raleigh, N.C.
- Nashville, Tenn.
- Oklahoma City, Okla.
- San Antonio, Texas
- Albuquerque, N.M.
- Knoxville, Tenn.
- Seattle, Wash.
- Indianapolis, Ind.
- Washington, DC-Arlington-Alexandria, Va.
Apparently they’ve differentiated among foreclosure markets where houses can be snagged on the cheap, and those that are actually considered “undervalued”.
For instance, there are plenty of homes going for practically nothing in Detroit, but the chances of recouping your investment are made more difficult because of the city’s economic challenges. On the other hand in a city like Raleigh, N.C., where the local economy is booming, searching for and buying a discounted foreclosed property could be a very good deal.
So Forbes identified what they see as the healthiest economies, then looked at the spread between median prices and foreclosure prices (according to RealtyTrac data).
What do you think? Anyone investing/flipping/living in these markets want to chime in and share your optinion about whether or not Forbes is on or off track?
Chime in with your comments below…
Technorati: foreclosure deals, Forbes, foreclosure investing, foreclosure news