Foreclosure Deals around the Country
Many areas were hit hard when the recession crippled housing markets around the country. Many homeowners found themselves receiving notices of default, auction notices, bank repossessions, or other filings in 2012. In many cases, home prices are now well below their bubble-market highs and many homes are worth less than what homeowners owe on the mortgage. What is bad news for sellers is good news for buyers. Now is the time to snap up those low-cost properties, because the housing market is improving and these deals won’t be around for long.
Lawrence, GA 30045
The neighborhood of Lawrence, Georgia has the highest foreclosure rate of any in the entire nation. Almost 13 percent of its more than 11,000 homes received foreclosure notices in 2012.
With many homeowners in Lawrence also unemployed, it’s no wonder many fell behind on their mortgages. With so many defaults, there are many bargains to be had.
Homestead, FL 33032
Homestead, Florida is in the throes of a foreclosure hangover. In 2012, foreclosure rates climbed to almost 10 percent due to an extended foreclosure process. Homes in this area are selling for an average 40 percent below their worth just five years ago.
Carpentersville, IL 60110
Thanks to the insight and hard work of Otto Engineering, many of Carpentersville, Illinois’ worthless and empty homes are getting a facelift – and new life. This is good news for buyers who want to move to the area. Although the housing market is improving slowly, the foreclosure rate is still at almost 9 percent, with homes selling for almost half what they sold for just eight years ago.
Laveen, AZ 85339
At the peak of the real estate boom in 2006, many people bought homes and cheap land in Laveen, Arizona. Today, many of these homeowners find themselves drowning in debt and receiving foreclosure notices. Homes in this area are selling for less than half what they sold for in 2006.
Kissimmee, FL 34759
Toxic loans are to blame for the foreclosure rate in Kissimmee, Florida today. The “no income, no job, no asset” mortgages used to buy homes when the housing market was booming have landed many homeowners in hot water and they’ve lost their homes. Because foreclosures in Florida take a long time to come to a head, the rate is still high today despite an improving economy.
Victorville, CA 92392
Many homeowners who bought homes in Victorville, California during the real estate boom, now find themselves in default thanks to overdevelopment and unaffordable mortgages. Home prices fell to about one-third what they were at the peak, putting these homeowners underwater with their mortgages. Today, many foreclosed homes are selling for almost 25 percent less than they did in 2004.
Albuquerque, NM 87121
Albuquerque, New Mexico’s high foreclosure rate is due more to economic setbacks rather than a suffering housing market. Houses selling in this area often go for less than half what they did just last year.
Detroit, MI 48224
With more sellers than buyers, the housing market in Detroit, Michigan is at an all-time low. Houses are selling for as little as $10,000, with many of these being foreclosures.
North Las Vegas, NV 89031
Hit hard by the real estate market crash, and listed among the top 100 hardest hit neighborhoods by foreclosure, North Las Vegas, Nevada is finally seeing some improvement even though the foreclosure rate is still a little over 5 percent. 3,000 square foot homes are selling for half the price they sold for in 2006.
Charlotte, NC 28269
Although Charlotte, North Carolina saw little struggle in the housing market in recent years, home prices are still down – about 15 percent of where they were in 2007.