Top Ten Cities to Buy REO's and Pre-Foreclosures | Real Estate ...

By Dennis Norman, on March 1st, 2012

This morning, RealtyTrac released their U.S. Foreclosure Market Report for fourth quarter 2011 which showed that pre-foreclosure and REO home sales accounted for nearly one of every 4 home sales (24 percent) during the quarter which is an increase from 20 percent in the prior quarter, however down from 26 percent in the fourth quarter of 2010.

Included in the RealtyTrac report were charts showing the ten metro areas in the U.S. with the biggest discounts on REO sales and Pre-closure sales:

Top metros to buy bank-owned
Among metro areas with at least 500 REO sales during the fourth quarter and where REO sales increased at least 5 percent from a year ago, the following posted the biggest discounts on sales of bank-owned properties.

Source: RealtyTrac

Top metros to buy pre-foreclosure (short sales)

Among metro areas with at least 500 pre-foreclosure (short) sales during the fourth quarter and where pre-foreclosure sales increased at least 5 percent from a year ago, the following posted the biggest discounts on sales of pre-foreclosure properties. A few metro areas (Chicago, Atlanta and Seattle) are on both lists, demonstrating that buyers are finding substantial discounts on both short sales and bank-owned homes in these markets.

Source: RealtyTrac

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Source: http://www.realestateindustrynews.com/foreclosures/top-ten-cities-to-buy-reos-and-pre-foreclosures/

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