2006: The Most Active Real Estate Foreclosure Markets
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The foreclosure is an attractive option for buyers to invest in real estate. A project is a property that was mortgaged property by the lender due to non-payment of the mortgage. The lender then sells the property to the money, often below market price. Foreclosed homes, condominiums and other properties can for the excellent investment and is a popular choice for those in the real estate market.
The October 2006 issue of Business 2.0 magazine ranks the top 10 foreclosure in the United States. Greeley, Colorado tops the list, followed by Detroit, Michigan, Miami, Florida, Indianapolis in Indiana, Ft. Lauderdale in Florida, Denver, Colorado, Dayton Ohio, Dallas and Fort Worth in Texas and Atlanta in Georgia.
Greeley, CO, has the largest number of households in foreclosure in the country, with 0.59% of households in the category, an increase of 14.7% since January 2006. The report considers aggressive housing, risky underwriting practices, and stagnant wages as the main causes.
Detroit, MI, along with 0.51% of households in foreclosure. The implementation of a bad automobile industry and the resulting impact on earnings Auto Workers has contributed number of homes in foreclosure in this city.
Third on the list, Miami, FL, where 0.37% of households are in foreclosure, a staggering 91% increase since January 2006. The report notes a weakening economy, higher property insurance premiums, and rising energy prices and interest rates, as the reasons for this rapid increase.
The fourth among the Top Ten Foreclosure Markets Indianapolis, IN. Although foreclosure rates are slightly lower from last year, yet the proportion of households in foreclosure at 0.35%. Setbacks and layoffs in the city of the automobile industry, with the home contributed to the foreclosure in this city.
Fort Lauderdale, FL, is fifth with 0.34% of households beginning foreclosure, which is characterized by a lush 118.5% since January 2006.
Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in Foreclosure) Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in Foreclosure) round out the Top-10-foreclosure markets.
If you invest in the foreclosure market, a real estate agent who can help you clinch the best deal on the foreclosure property of your choice.
