Looking for the lowest priced properties in good neighborhoods for your next purchase?
Buying a house is the biggest investment you’re likely to make in your entire life. Finding a house you’ll love isn’t that hard. Who hasn’t shopped for a house, found the perfect one, only to be disappointed when you discover you can’t qualify for the loan (especially here in California)?
Finding a house you’ll love and one that you can afford can sometimes be challenging.
But it doesn’t have to be that way.
That’s where pre-foreclosures and foreclosures come into play. A foreclosure is a piece of property that has been repossessed by the bank, after its previous owners were unable to pay their mortgage payments.
The banks are in the lending business, not the real estate business. Therefore, banks want to sell these foreclosures as fast as possible, which in turn can sometimes lead to steep discounts.
Foreclosed properties sell for thousands of dollars less than the full market price in most cases. This makes foreclosures ideal for anyone looking to save money on their next real estate purchase.
First time buyers looking for a great deal, existing property owners looking for a rental property, investors, and/or anyone looking to flip houses can benefit from accessing data about foreclosures.
What does foreclosure data for 2018 say?
ATTOM Data Solutions just released their mid-year 2018 foreclosure analysis and found the top 10 cities with the highest number of properties with foreclosure filings.
| Mid-Year 2018 Foreclosure Filings | ||
| State | City | Number of Properties w/ FC Filings |
| Illinois | Chicago | 5,148 |
| Pennsylvania | Philadelphia | 3,578 |
| Ohio | Cleveland | 3,208 |
| Florida | Miami | 2,801 |
| Texas | Houston | 2,707 |
| Nevada | Las Vegas | 2,437 |
| New York | Brooklyn | 2,254 |
| Maryland | Baltimore | 2,100 |
| Florida | Jacksonville | 2,001 |
| Arizona | Phoenix | 1,992 |
That makes these cities the best place to start looking for your foreclosure deal.
Cities that saw significant year over year increase in filings included:
- Cleveland, for example, shows a 23.48 percent increase from 2017.
- Houston shows a 9.46 percent increase over 2017.
- Phoenix clocked in in with a 36.72 percent increase from 2017.
What does this mean for someone wanting to purchase real estate?
Pre-foreclosure and foreclosure properties need to be part of your investment property search. If you’re interested in saving thousands of dollars on your next real estate purchase, give foreclosures a try. You might find the house of your dreams at a significantly reduced price. Then again you might find an awesome deal on your next rental property. And for the flippers, you might find your next house to flip.
How can I find Pre-foreclosure and foreclosures in my area?
That’s easy.
Simply visit ATTOM Data Solutions’ Pre-foreclosure data page to access our most recent U.S. Foreclosure Market Report.
