Best Foreclosure Bargains
The turmoil in the US housing market has been punctuated with a wave of residential foreclosures. With sellers looking to offload foreclosed properties, often at a loss, the discounted prices have been identified as potentially profitable investments by speculators betting on a housing rebound. But across the country, where are the best opportunities?
According to analysis recently compiled by real estate website Zillow.com, some cities around the US offer significantly better prices for foreclosed homes than others. By comparing the median price of a foreclosed home to the median price of a non-foreclosed home, Zillow calculated the cities with the largest average discount when purchasing a residential property under foreclosure.
So, what are the best cities to buy a foreclosed home? The results may surprise you. Click ahead for the list!
By Paul Toscano
Posted 26 Jan 2010
10. San Francisco, Calif.
Foreclosure discount: 24%
Foreclosure as a % of resales: 39%
Non-foreclosure median price: $530,000
Foreclosure median price: $230,000
8. (Tied) Kansas City, Mo.
Foreclosure Discount: 25%
Foreclosure as a % of resales: 29%
Non-foreclosure Median Price: $142,048
Foreclosure Median Price: $97,152
8. (Tied) Riverside, Calif.
Foreclosure discount: 25%
Foreclosure as a % of resales: 66%
Non-foreclosure median price: $205,000
Foreclosure median price: $140,000
6. (Tied) Los Angeles, Calif.
Foreclosure discount: 27%
Foreclosure as a % of resales: 39%
Non-foreclosure median price: $435,000
Foreclosure median price: $232,000
6. (Tied) Denver, Colo.
Foreclosure discount: 27%
Foreclosure as a % of resales: 25%
Non-foreclosure median price: $225,000
Foreclosure median price: $135,000
5. Phoenix, Ariz.
Foreclosure discount: 29%
Foreclosure as a % of resales: 58%
Non-foreclosure median price: $168,000
Foreclosure median price: $100,000
4. Minneapolis-St Paul, Minn.
Foreclosure discount: 34%
Foreclosure as a % of resales: 26%
Non-foreclosure median price: $210,000
Foreclosure median price: $114,300
3. Columbus, Ohio
Foreclosure discount: 38%
Foreclosure as a % of resales: 19%
Non-foreclosure median price: $158,000
Foreclosure median price: $71,000
2. Cincinnati, Ohio
Foreclosure discount: 39%
Foreclosure as a % of resales: 15%
Non-foreclosure median price: $141,000
Foreclosure median price: $65,000
1. Pittsburgh, Pa.
Foreclosure discount: 59%
Foreclosure as a % of resales: 10%
Non-foreclosure median price: $123,000
Foreclosure median price: $35,000