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Foreclosure Listing Site Says Investors Should Act Quickly

Despite recent negative information about the job market in the United States, a report issued by ""Foreclosurelistings.com"":http://www.foreclosurelistings.com/ last week shows the housing market is beginning to exhibit some signs of improvement. Because real estate investors can acquire distressed properties well below their actual market value - with savings ranging from 10 to 50 percent - the New York-based company says investors looking for large profit margins, particularly in some of the best investment markets, should act quickly.
Based on nationwide data from Foreclosurelistings.com, foreclosures in many of the top states for investors have dropped. For example, the company says the foreclosure rate in California is down by more than 3.5 percent and in Florida it’s fallen by nearly 2 percent. Arizona’s foreclosure rate slipped by almost 1.5 percent, while in Texas the rate dropped by just over 1 percent. In Georgia and Michigan, Foreclosurelistings.com says rates are also down - by less than 1 percent. The largest drop recorded by the company was in Nevada, which saw its foreclosure rate plummet by nearly 7.5 percent.
ForeclosureListings.com reported that many individual cities also saw notable decreases in their levels of foreclosures, including Salinas (-18 percent), Las Vegas (-9.5 percent), Chicago (-6 percent), Detroit (-4.3 percent), Atlanta (-3.2 percent), Phoenix (-1.6 percent), and Memphis (-1 percent).
Home prices in many states and some big cities have also started to creep upward, squeezing investors’ potential profit margins. Foreclosurelistings.com reported increases of less than a percentage point in the states of California, Georgia, and Texas, while prices rose by just over 1 percent in Florida and Michigan. The company found that housing prices are now averaging $64,000 in Ohio (the lowest in the country) and $343,000 in California (the nation’s highest average).
Price increases have been seen in several hot investment cities as well. The report from Foreclosurelistings.com shows in Miami and Orlando, property values are up 1.3 percent, and in Las Vegas they’ve risen 1 percent. In Phoenix, Atlanta, and San Diego, the company says prices have increased less than 1 percent, while in Denver they’ve jumped 2.3 percent. Foreclosurelistings.com reports the biggest leap in Ridgefield, Connecticut, where prices rose by more than 45 percent.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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