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IRVINE, CA-Earlier today, GlobeSt.com reported that several East Coast markets topped the list of best places to buy foreclosures in 2013, according to RealtyTrac, a locally based online marketplace for foreclosure properties, while those metros listed as the worst to buy foreclosures in this year are located in Western and Southwestern states. The interactive heat map below shows the best and worst areas in the country to buy foreclosures.
Scroll over the map for the latest information on the best and worst places to buy foreclosure properties this year.
*Chart courtesy of RealtyTrac.
The firm's 2012 Year-End Metropolitan Foreclosure Market Report shows markets in Florida, New York, New Jersey and Pennsylvania scored highest in foreclosure offerings based on months' supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount and percentage increase in foreclosure activity in 2012. Those that scored lowest were located in Utah, Nevada, Arizona, Oregon, California and Hawaii.
In addition, the report reveals that 2011 foreclosure activity increased from 2011 in 120 out of the nation's 212 metropolitan statistical areas with a population of 200,000 or more, and foreclosure activity during the year decreased from 2010—when foreclosures peaked in most markets—in 181 out of the 212 markets tracked in the report.
“Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble,” said Daren Blomquist, VP at RealtyTrac, in a prepared statement. “Meanwhile, the underlying fundamentals in many of those markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year—and that is particularly good news for buyers and investors hungry for more inventory to purchase in those markets.”
As GlobeSt.com reported earlier this week, while the number of foreclosure filings decreased 3% nationally in 2012 from 2011, foreclosure activity increased in 25 states over the course of last year, according to RealtyTrac's Year-End 2012 Foreclosure Market Report. Twenty of those states primarily use the longer judicial foreclosure process, including New Jersey, Florida, Connecticut, Indiana, Illinois and New York. However, foreclosure activity in 2012 decreased from 2011 in 25 states—19 of which primarily use the more streamlined non-judicial foreclosure process, including Nevada, Utah, Oregon, Arizona, California and Michigan.
For the complete report, click here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
