Find foreclosed homes for sale in cities where home prices are still falling. You will also have easier time in looking for properties in these cities since delinquencies and foreclosures are still surging in these areas. Houses still held but not released by the banks are also in high number in these areas.
According to Money Magazine, the top five cities where prices are still falling are Hanford in California, Phoenix in Arizona and the Florida cities of Miami, Fort Lauderdale and West Palm Beach.
In Hanford, home prices are expected to fall further by 25.9 percent in 2010. The top Florida cities are expected to post house price decreases this year at rates ranging from 18.5 percent to 22.5 percent.
In the Money Magazine list of the top 25 cities where house prices are expected to still plunge this year, 11 cities are in Florida, three are in New Jersey and two are in California. Surprisingly, New York City and Washington, D.C. are included in the list, ranking 11th and 15th, respectively.
Texas, considered by many analysts and economists as the first state to recover fully from the recession, does not have any city in the list.
Meanwhile, if you are focusing on single-family homes, find foreclosed homes for sale in cities reported by market research firm Altos Research as the ones with the fastest-falling single-family house prices in January this year.
The top five metro areas where prices were falling fast in January were the San Diego-San Marcos area, Salt Lake City, Charlotte-Concord area, Denver-Aurora area and the Portland-Beaverton area.
Altos reported that prices fell by a total of 7.3 percent in San Diego in the final quarter of 2009, far above the 1.4-percent drop in its ten-city price index. Prices in Charlotte, home to large financial institutions, fell by 4.4 percent.
In a more recent analysis of home prices done by the Brookings Institute, the city with the biggest year-over-year fall in the first months of 2010 is Las Vegas, which posted a 20.8-percent price decline. In the first two months of 2010, this city experienced the highest percentage of foreclosures among all metro areas in the nation.
The next cities on the Brookings list where you can find foreclosed homes for sale for investment purposes or for your family are Phoenix, where prices fell by 17.6 percent, and Orlando, where prices dropped by 17.5 percent.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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