Hotspots for Foreclosed Homes

Foreclosures may be bad news to some home owners; but to prospective buyers they’re definitely good news, as they open up the opportunity to find great homes at attractive prices. Home buyers today are no longer apprehensive about buying foreclosed properties, as they’re well informed about the pros and cons doing so. And with the number of foreclosed properties continuing to rise, home buyers are on a constant look out for great deals. While foreclosures are widespread, 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 numbers of foreclosures in the United States. A small city just east of San Francisco with around 170,000 residents along the 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 of attractive properties either. Ranging from smart homes built during the economic boom in 1990s and early 2000s 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 foreclosed homes for all prospective buyers. One area of special interest is Newton County, just off the boundaries of the city 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 a population of 287,000. But in the recent past foreclosures in this area have been rising steadily, and this has been attributed to questionable mortgages and job losses. However, with new job opportunities opening up, the region’s 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 unemployment caused 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, it’s important to be quick to be able to find prime properties for a good price.

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