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Foreclosure Investments in Recession-Proof Buffalo

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By : John Cutts    99 or more times read
Since Buffalo is considered as the fifth most recession proof city in the U.S. by Brookings Institute, the possibility is great that foreclosure investments in the city would have higher rates of return.

Brookings used employment, production output, foreclosure rates and house prices and other major indicators in evaluating the economic performance of the country’s 100 largest cities in the first quarter of this year.

There are two other New York metro areas included in the list – Rochester and top placer Albany. People planning to buy foreclosed houses in these areas for investments are making a wise decision, as they will have greater prospects for resale this year or the coming years.

Texas has the most number of cities in the list, and this is expected as Texas weathered the current recession because it learned well its lessons from the collapse of the savings and loan industry in the 1980s and the 1990s.

Buffalo foreclosure investing can start with the exploration of reliable foreclosure listings, as these offer updated information and provide friendly and targeted search tools.

On one major real estate website, there are currently 185 units available for foreclosure investments. The median price for homes in April was $70,000 while the latest average listing price is $149,724.

On another listings website, there are 428 foreclosures for sale, with two units on the front page listed at $52,075 and $59,025. There are also 1,485 pre-owned homes for sale and the average prices for all types of homes are $106,865.

Buffalo, the second largest city in New York State, is the administrative seat of Erie County. It has the most robust health and educational sectors in the region and its unemployment rate is lower than the statewide and national averages. It also does not contribute substantially to the total number of foreclosed homes for sale in New York.

This year, the Forbes magazine voted Buffalo as the tenth best city to bring up a family. It follows that foreclosure investments in the city have great prospects for the investor.

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