The foreclosure market is an attractive option for buyers wanting to invest in real estate. A foreclosed property is a mortgaged property that has been taken over by the lender due to non-payment of the mortgage. The lender then sells the property in order to recover the money, often at below market prices. Foreclosed homes, condos and other properties can for make excellent investments and is a popular choice for those entering the real estate market.
The October 2006 issue of Business 2.0 Magazine ranks the top 10 foreclosure markets in the United States. Greeley in Colorado tops the list followed by Detroit in Michigan, Miami in Florida, Indianapolis in Indiana, Ft. Lauderdale in Florida, Denver in Colorado, Dayton in Ohio, Dallas and Fort Worth in Texas, and Atlanta in Georgia.
Greeley, CO, has the largest number of foreclosure households in the country, with 0.59% of homes falling in the category, an increase by 14.7% since January 2006. The report holds aggressive residential development, risky underwriting practices and stagnant wages as the main causes.
Detroit, MI, stands next with 0.51% of the households in foreclosure. The badly performing auto industry and the resulting impact to autoworkers' incomes has contributed to number of homes in foreclosure in this city.
Third on the list is Miami, FL, where 0.37% of the households are in foreclosure, a staggering 91% increase since January 2006. The report states a weakening economy, higher property insurance premiums, and rising energy and interest rates, as the reasons for this rapid increase.
The fourth among the top ten foreclosure markets is Indianapolis, IN. Although the foreclosure rates are slightly lower from last year, still the portion of households in foreclosure stands at 0.35%. Setbacks and layoffs in the city's auto industry together with falling home prices have contributed to foreclosure rates in this city.
Fort Lauderdale, FL, stands fifth with 0.34% of households entering foreclosure, which is up by a whopping 118.5% since January 2006.
Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in foreclosures), Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in foreclosures) round out the top 10 foreclosure markets.
If you are looking to invest in the foreclosure market, consult a real estate agent who can help you clinch the best deal on the foreclosure property of your choice.
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AITD
By: MS | 03-09-2008
SB 1137 - Fact: An institutional loan wrapped by an AITD . Underlying Loan is current. AITD 2 months in arrears. NOD filed in January 08 but payments were accepted after that. Does new NOD have to filed and does private party AITD bene required to do notices per new regs?
This is regarding my deceased parents house.
By: Signe L. Swenson | 02-09-2008
washing state attorneys-- I am trying to find the phone number for attorney
Paul R. Roesch,Jr. He is with the group of Pond, Roesch, Rahn & Nelson
in Longview, Washington. Thank you for any help I can get. He is the attny
for my deceased parents. I live in Spokane, Wash.
I own real estate with a ex-friend, who happens to ...
By: helpless | 02-09-2008
I own real estate with a ex-friend, who happens to be a real estate agent. Joint Tenants. Can he sell without my consent? Which he has threatened to do. Also, can he appoint himself as the selling agent at a discount rate? He also, threatened if I do not allow him to be the selling agent at a discounted rate 1.75%...Who every we use he wants anything about 1.75% to come out of my share...Please advise.
Value of hackberry chest
By: Richard Zoubek | 01-09-2008
(hackberry chest) I want to sell a Turkey Federation Chest (24"X15"X18") tongue & groove/good condition about 15 years old? Any idea of it's value?
What machines and products does celtic home ...
By: sara_1018 | 31-08-2008
what machines and products does celtic home builders use what machines are used ??
Florida Real Estate
By: Palm Beach, FL Resident | 31-08-2008
Where would I find the public records of homes recently sold in Palm Beach County Florida?
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