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Best Places to Buy Repo Homes in the U.S.

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By : John Cutts    99 or more times read
Housing prices in majority of metro areas in the U.S. continue to decline primarily due to the presence of thousands of foreclosed and vacant properties. According to housing analysts, areas where prices are depressed by foreclosures will be the best market to buy repo homes and other low-priced residential properties.

For people interested in investing in bank owned properties, now is a good time as any to make a purchase, according to industry experts. Among the biggest metro areas of the U.S., analysts reported that Cleveland, Ohio seemed to offer the cheapest residences. Prices in this city declined in September by around 3%. As of the latest housing figures, house prices in Cleveland are reportedly down 1.9% compared with 2009.

In Minneapolis, Minnesota, foreclosure homes continue to pull the prices of dwellings down, with the city recording a 2.1% drop in home prices in September. This marks the third consecutive month that Minneapolis has posted declines in its residential property prices.

Another metro region recommended by analysts to people planning to buy repo homes and other residential types is Portland, Oregon. According to them, the poor employment record in the city's private sector is a contributing factor to the decline of property prices. Houses in the area are worth 1.9% less in September 2010 and posted a year-by-year decline of 3.6%.

Countrywide foreclosures, as well as unemployment, have been cited by industry analysts as the biggest catalysts in the decline of residential prices. In Dallas, Texas, prices of homes fell in September by 1.6% which followed a decline of 1.2% the month before. Meanwhile, some cities that recorded improvements in the first half of the year experienced a reversal of fortunes come September.

Chicago, Illinois posted five consecutive months of price increases that started in April. When September came, housing prices dropped by 1.5%. Data for the first three quarters of 2010 showed that, out of the 20 biggest metro regions in the U.S., 18 recorded declining prices in the month of September. Analysts stated that those who plan to buy repo homes and other low-priced properties will likely have the luxury of vast choices until the first half of 2011 at the very least.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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