Hot Foreclosure Markets in 2006
The number of foreclosure properties posted on Bargain Homes and in newspapers
nationwide reflects an increasing inventory of undervalued real estate. With
nearly 100,000 foreclosures in process across the USA during any given month –
and the number increasing dramatically – opportunities to purchase excellent
properties at wholesale prices are literally everywhere.
By reading economic signs, and then weaving together information from various
sources, experienced investors put together seemingly disjointed pieces of the
real estate puzzle, to formulate the “big picture”. Once that’s accomplished,
they can zero in on specific properties that match their search criteria and
buying goals.
Foreclosure information can be gathered from Realtors or by reviewing data and
postings on sites like Bargain Homes and Bargain Network. But sales figures
don’t give you a close-up view of a neighborhood. Before moving to a new area,
we want to learn about such things as the cost of living, average income, crime
statistics, climate, and the quality of local schools. One of the most useful
sources of this kind of information is Sperling's Best Places, a company that
publishes recent data on cities and towns all over the USA.
In order to keep Bargain Homes members informed with real-time demographic
information, Bargain Network has teamed up with Sperling’s Best Places, to
provide convenient access to demographic data.
Bargain Home’s Top Five Picks for Foreclosure Markets for 2006
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Colorado
More than one out of every 500 homes is under foreclosure, and foreclosures are
up more than 60 percent from last year.
Sperling’s voted Colorado Springs #2 in the USA as a great place to date, thanks
to an energetic social scene and an abundance of fine dining restaurants.
Fort Collins, CO. was ranked one of Money Magazine’s Best Places to Live in
2006, because of an abundance of pristine nature and a stress-free lifestyle.
Sperling’s projects job growth for Fort Collins about 6 percent higher than the
national average and graduation rates throughout Colorado for both high school
and college are excellent.
The rest of Colorado is also highly attractive for those same reasons.
(Louisville, CO made the CNN/Money Magazine Best Places list in 2005, which
helps to prove our point.)
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California
A surge in foreclosures makes it possible to finally buy California real estate
for actual market value. Properties in foreclosure are especially attractive to
those looking to buy their own home without paying movie star prices.
California is poised for a record increase in the number of foreclosures, even
though they are already up almost 115 percent from last year. Property values
have been wildly inflated during the recent bull market, but demand for housing
in California shows no signs of waning.
While San Francisco ranks #3 in two categories – Best Places for Seniors and
Healthiest Cities – Oakland, Sacramento, and Orange County are also among
America’s Top 10 Healthiest Cities.
Orange County is one of the Top Five Least Stressful cities, thanks to low crime
and unemployment and lots of sunny weather. Ventura also rates as one of the
safest cities in the nation.
Both Santa Barbara and San Luis Obispo are among Sperling’s Top 10 Best Places
to Live, helping to push California to the top of the charts.
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Georgia
Georgia has more than 4,300 foreclosures, according to recent figures. And that
is approximately 10 percent less than last year. Foreclosures are nearly 25
percent less than they were in May of this year. We think this is because
properties are undervalued, and as the market recognizes that fact, prices
should stabilize or rise, offering solid investment opportunities and future
appreciation.
Recent job growth in Atlanta and other Georgia cities is robust, while the cost
of living and price of a typical single family home is still below the national
average.
Atlanta and Peachtree Georgia both made the CNN/Money list of Best Places to
Live for 2005, and Atlanta was recently voted one of Sperling’s Top 10 Places
to Live, thanks to vibrant nightlight, pleasant climate, and diverse art scene.
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Pennsylvania
Foreclosures are up almost 29 percent from last year’s levels. But since May of
2006, they have risen more than 22 percent. We think that indicates that the
trend has accelerated dramatically in 2006, and is ripe for investment.
Hershey, Pennsylvania may be the best small town in America. Sperling’s ranks it
excellent in terms of both healthcare (maybe chocolate is good for you after
all) and education, and it has one of the lowest crime rates in the nation.
Throughout Pennsylvania, healthcare resources and the amount of money spent on
public education win exceptionally high marks.
Pittsburgh ranked #4 in Sperling’s list of Top 10 Fiscally Fit Cities, which
ranks municipalities based on investments, quality of life, and insurance
coverage, and also #4 as one of the Top 10 Cities for Seniors.
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New Jersey
The number of foreclosures in New Jersey is up nearly 50 percent since May of
2006.
In 2005, two New Jersey towns – Chatham and Moorestown – made the CNN/Money
Magazine list of top 10 Best Cities to Live. No other state had more than one
city on the list.
And Sperling’s Best Places recently chose a whopping three New Jersey cities for
inclusion in its list of Top Five Safest Cities due to low rates of crime.
To use Bargain Homes to customize your own ranking system, simply choose a place
of interest and then check it against the Sperling’s Best Places statistics.
Once you’re made your list, check Bargain Homes for fresh and up-to-date
foreclosure listings in your favorite place, and you can target your dream
home. Or narrow your search down to a particular state, and then use the
Bargain Homes resources to examine the quality of life in various cities, to
help you make decisions without leaving home.