There are at least five reasons why Florida foreclosures are popular to foreign property investors. Among these is the continued surge in state foreclosures, as shown in the 29-percent increase in filings to more than 153,000 in the first quarter.
Detroit home auctions surged in February, largely driven by underwater mortgages. Foreclosures in Wayne County soared by 69 percent in February as 47 percent of all mortgages in the city became underwater in December.
Home foreclosures in Detroit are contributing to the redefinition of the vision for Detroit. City Mayor Dave Bing, accepting the diminishing population of Detroit due to unemployment and foreclosures, has been promoting a more manageable city that has prospects for rising again.
The number of foreclosed homes for sale in Illinois in the first quarter was still relatively high despite the slowdown in foreclosures during the quarter. The total of REOs during the quarter reached 14,989 units.
Tucson foreclosure homes continued to soar in 2009, getting the attention of federal agencies. Since last year, the city has already received a total of $56.3 million in federal funding under the American Recovery and Reinvestment Act.
Chicago home auctions have been getting the attention of aldermen and realtors because of the still high number of properties entering foreclosure. Currently, nearly 60 percent of all homes for sale in the area are foreclosures.
There are more distressed homes for Miami foreclosure investing after lenders filed foreclosure actions on 7,700 homes in South Florida in May. Almost 11,000 housing units were repossessed across Florida during the same month.
North Carolina foreclosures surged again in May by nearly 12 percent over the month to 4,357 filings. It is hoped that the $159 million allocated by the federal government to North Carolina would help the unemployed save their homes.
Some residential contractors have been profiting from foreclosed homes for sale in Chicago. They repair foreclosures at an average cost of $51,000 and then resell them at a profit or rent them out.
Low-priced Merced foreclosures are facilitating efforts to rejuvenate the city’s downtown. With lower prices of land and buildings, the city has already purchased eight vacant lots and houses for only $400,000.
The pace of Stockton home foreclosures was the second highest in California in January this year, based on data from a California foreclosure research firm. Stockton posted a foreclosure rate of one out of every 107 units in January.
Home foreclosures in Las Vegas have pulled down home values, but they have not lowered property taxes. More than 8,000 homeowners have filed tax complaints with the Clark County Equalization Board because of high tax assessments.
The still rising number of Dearborn foreclosed homes have been making the city among the most affordable cities to buy a home. Almost 5 percent of all residential mortgages in the Dearborn area were in foreclosure in February.
Jacksonville pre foreclosures are among the major drivers of the improved home affordability in the area. Foreclosure filings in Jacksonville rose to 7,814 in the first quarter. In March, the median dropped by 3 percent to $141,400.
Las Vegas foreclosed homes dropped in number in November, improving the ranking of the city based on metro area foreclosure rates. The pace of foreclosures fell by 33 percent to one foreclosure for every 102 residential units.
The significant drop in Memphis pre foreclosure homes in February allowed home prices to rise. The sales price median in February rose by 5.5 percent to $80,200.
Orlando foreclosures for sale dropped slightly in October, but the number is still high. Nearly 7,600 foreclosure filings were posted in the Orlando metropolitan area in October.
Milwaukee pre foreclosure homes are still rising in number because of the high unemployment rate in the area. Foreclosure activity in Milwaukee surged by 12 percent year-over-year in February.
Home foreclosures in Atlanta drove down prices unexpectedly in January, according to NAR. The median price for pre-owned homes dropped by 10 percent to $105,100 in January.
The availability of Saint Louis cheap homes made the city the eighth most affordable metro area to buy a home, according to Forbes. The housing affordability index of Saint Louis is 84.5 percent, close to the 85.1-percent index of top-placer Pittsburgh.
Containing Columbia pre foreclosure homes could be included in the plan of South Carolina officials after getting an allocation of $138 million from the Obama administration. Foreclosure activity soared in Columbia by 65 percent last year.
Chicago foreclosure investing is viable because of the availability of low-priced foreclosures. The average value of a home in Chicago has been cut down by about $27,000 to $49,000 since 2004.
The sharp surge in foreclosures means more opportunities for Chicago foreclosure investing. In the first quarter, more than 9,300 homes in the Chicago area went through public auctions.
Aside from the availability of affordable Brooklyn foreclosures, there are other great reasons for out-of-state buyers to invest in Brooklyn real estate. Brooklyn's population and position in relation to Manhattan are only two of the great reasons.
Single family foreclosures continued to surge in Michigan in May despite positive economic developments in the state. Foreclosure filings jumped up by 6 percent to 20,322 and bank repossessions increased by 28 percent to 8,009 units.
Foreclosed homes listings in Fall River have not been rising as fast as in other Massachusetts cities because of the city's community programs. In contrast, foreclosure activity statewide increased in October.
A big surge in number of Indianapolis foreclosed homes is feared by officials in the metro area and in the state of Indiana because of the rising pace of delinquencies. Mortgage defaults shot up to their highest point statewide in January.
Orlando home foreclosures still dominated home resales in January this year despite an 18-percent month-over-month decline in foreclosure filings. Short sales and foreclosure sales accounted for 73 percent of home resales in January.
Portland pre foreclosures and unemployment are still dragging down home prices. The average home price in Portland fell in March to $280,300 while the median price dropped to $246,000.
Cleveland foreclosures for sale surged, driving down home prices. While average prices soared in fellow Ohio cities Cincinnati and Columbus in February, the average price in Cleveland dropped to $98,292, down from the January average of $102,596.
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