Hotspots for Foreclosed Homes

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    15-Aug-2015

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  1. 1. Hotspots for Foreclosed HomesForeclosures may be bad news to some home owners; but to prospective buyers theyre definitely good news, as theyopen up the opportunity to find great homes at attractive prices. Home buyers today are no longer apprehensive aboutbuying foreclosed properties, as theyre well informed about the pros and cons doing so. And with the number offoreclosed properties continuing to rise, home buyers are on a constant look out for great deals. While foreclosures arewidespread, the profusion of foreclosed houses is clustered in some hotspots worthy of exploring: 1. With a ratio on 1 in every 51 houses in foreclosure, Vallejo, California has processed one of the highest numbersof foreclosures in the United States. A small city just east of San Francisco with around 170,000 residents alongthe Bay Area, Vallejo is a highly promising foreclosure hotspot for potential home buyers. 2. Just like Vallejo, Charlotte in North Carolina is a city with a rising number of foreclosed homes available for sale.While huge discounts are not uncommon in this area and serve as an added attraction, there is no dearth ofattractive properties either. Ranging from smart homes built during the economic boom in 1990s and early2000s to those built with millions of dollars, this area opens up great buying opportunities for investors. 3. Known to be the second largest urban area in the South, Atlanta, Georgia is a city with about 6 million residents.The area has seen a sharp rise in foreclosure listings in the recent past. Atlanta offers a great mix of foreclosedhomes for all prospective buyers. One area of special interest is Newton County, just off the boundaries of thecity but well within the metro area with 1 in every 64 homes in foreclosure. 4. Located in the upstate portion of South Carolina, Spartanburg has been a fast-growing region in the state with apopulation of 287,000. But in the recent past foreclosures in this area have been rising steadily, and this hasbeen attributed to questionable mortgages and job losses. However, with new job opportunities opening up, theregions economy is on the rebound. So it may be just the right time to invest in a foreclosed property here. 5. Albuquerque, New Mexico is another promising area for home buyers. With a population of 529,000,Albuquerque has been a fast-growing metro area over the past decade. But recession and unemploymentcaused foreclosures to rise rapidly. With 1 in 46 homes in foreclosure, this area is surely worth looking at. Home buyers who are seriously considering the purchase of foreclosed properties should definitely check out these hotspots. While it is possible to strike great deals in these areas, its important to be quick to be able to find prime properties for a good price. Know more on: Reo Property Reo foreclosure