Best Places To Buy Foreclosed Homes by Forbes
March 20, 2008
Forbes magazine released the Best Places To Buy Foreclosed Homes.
To compile our list, we started with the country’s 100 largest metro areas and ranked them by annual foreclosure rate, based on data from RealtyTrac, a listing firm that tracks foreclosures. To give a sense of scale, hard-hit markets have foreclosure rates in the 3% or 4% range. Riverside, Calif., has a foreclosure rate of 3.8%, and Detroit has a foreclosure rate of 4.9%. By contrast, Seattle, has a foreclosure rate of 0.4%, and Austin, Texas, has a rate of 0.8%, two figures which are within a healthy range for
foreclosures, as all markets, at all times, have them.Then, we looked at how real estate prices have moved since 2006, based on data from Moody’s Economy.com. No city has seen massive median price jumps, but making a foreclosure buy in San Antonio, where prices grew 8.24% between 2006 and 2007, carries far less risk than Sacramento, where prices dropped approximately 10% over that same time period.
1. Charlotte, N.C.
2. Raleigh, N.C.
3. Nashville, Tenn.
4. Oklahoma City, Okla.
5. San Antonio, Texas
6. Albuquerque, N.M.
7. Knoxville, Tenn.
8. Seattle, Wash.
9. Indianapolis, Ind.
10. Washington-Arlington-Alexandria
For the complete article written by Matt Woolsey and Jon Bruner visit Forbes.com
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