Save Top Dollar on Foreclosures in these 10 Cities

Post featured image

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 
IllinoisChicago                                                           5,148
PennsylvaniaPhiladelphia                                                           3,578
OhioCleveland                                                           3,208
FloridaMiami                                                           2,801
TexasHouston                                                           2,707
NevadaLas Vegas                                                           2,437
New YorkBrooklyn                                                           2,254
MarylandBaltimore                                                           2,100
FloridaJacksonville                                                           2,001
ArizonaPhoenix                                                           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.

Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API or bulk files.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Email our Media Contact
Email our Data Sales Team
Data Question?
Data Questions?

Contact our experts with questions about any of the data and analytics referenced in our articles.