Top 10 Cities with Foreclosures in January 2007


February 8, 2007

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The smart money this year is on undervalued foreclosure properties that have been oversold due to jittery emotions in the real estate world. The real estate springtime buying season will be here before we know it! So to kickoff the New Year, here is the Top 10 Cities in Foreclosure brought to you by Bargain Network.

#10 Chicago, IL
  • More than 950 foreclosures and almost twice as many pre-foreclosures shown on Bargain Homes guarantees lucrative hunting ground.
  • Hundreds of active foreclosures within a 10-mile commute.
  • Bargain Homes listings include a 3-bedroom 2-bath for less than $35,000.
#9 Cleveland, OH
  • Some 4,000 Cleveland area foreclosures make it a prime target for investment in 2007.
  • Bargain Homes shows a 2-bedroom for less than $6,000.
  • Nearly 1,500 homes for less than $80,000 are listed within a 25-mile radius.
#8 Dallas, TX
  • 46 pre-foreclosures are listed on Bargain Homes, along with more than 3,000 foreclosures.
  • Investment opportunities exist in similar numbers in neighboring Ft. Worth.
  • The unbalanced ratio of pre-foreclosures to foreclosures indicates that the real estate market is bouncing back, but there is still time to lock in sharp gains.
#7 Detroit, MI
  • Bargain Homes shows more than 6,000 foreclosures in and around Detroit, indicating a hot foreclosure market will no signs of cooling off anytime soon.
  • Bargain Homes lists one 5-bedroom for $3,000; plus a 3-bedroom for $4,000.
  • Strike while the iron is hot to score the best deals in the Motor City.
#6 Atlanta, GA
  • Almost 5,800 foreclosures are listed as active on Bargain Homes.
  • Atlanta is at the epicenter of the historic population surge in the southern USA.
  • Job security is strong and the nightlife is spectacular and world-class.
#5 Denver, CO
  • More than 3,600 foreclosures are still available, with over 1,500 pre-foreclosures.
  • The Mile-High City ranks as one of the nation’s hottest foreclosure markets and continues to show strength, but the trend may not last much longer.
  • An abundance of outdoor recreation and quality of life issues make Colorado one of the most desirable places to live in the USA.
#4 Los Angeles, CA
  • Almost 2,700 pre-foreclosures and more than 300 foreclosures is a sure sign of a foreclosure investment hotspot.
  • Business and population growth continuously drive the local economy.
  • Housing has been major component of the high cost of living, which makes 2007 a rare window of opportunity for homebuyers or investors.
#3 Miami, FL
  • While there are 250 foreclosures in the Miami area, nearly 10 times that many properties are listed on Bargain Homes as pre-foreclosures. The same situation exists in nearby Fort Lauderdale.
  • Miami is now considered the home of the “American Riviera”, but since no more beachfront is being created, demand will outstrip supply and drive prices upward.
  • Within 25 miles Bargain Homes shows more than 2,000 pre-foreclosures for less than $155,000.
  • More than 100 foreclosures – for $200,000 or less – are within 10 miles of Miami Beach.
#2 Las Vegas, NV
  • Las Vegas continues to grow as America’s premier tourist destination, and most of the tourists are families, not just the gamblers and party-goers of yesteryear.
  • As families visit, they also settle, making this an ideal real estate market with upside profit potential for homeowners and investors alike.
  • Nearly 5,000 pre-foreclosures are in the pipeline in the Las Vegas vicinity, as well as 1,200 full-blown foreclosures ripe for purchase.
  • A five-bedroom home listed under $100,000 on Bargain Homes just sold. But we found a 3-2 for less than $140,000 in the active listings.
#1 Riverside, CA:
  • The ratio of pre-foreclosures to foreclosures – more than 5 to 1 – indicates a growing inventory of bargains over the next few weeks and months.
  • Within 25 miles of Riverside, Bargain Homes listings show over 2,300 pre-foreclosures plus 225 foreclosures, all priced for $250,000 or less.
  • Meanwhile, the median price of a home in CA hovers around $550,000.
  • Do the math and it’s easy to see why Riverside is our Top Pick for 2007.

Search Now!

and save up to 50% on your next home purchase

  

Once the panic of the bursting real estate bubble of 2006 subsides, these sectors in our Top 10 Bargain Homes Countdown may bounce back. But those who buy now – ahead of the crowd – will likely realize solid returns for relatively little effort or cost.

Stay tuned for updates and visit Bargain Homes for fresh listings, as we watch what promises to be a banner year for foreclosures unfold in 2007.