If you are looking for bargain-priced homes without a specific city or state in mind, explore the lists of foreclosed homes for sale in the 20 cities listed by analysts as among the top cities which will still experience sharp rises in foreclosures, based on data provided by the Brookings Institute.
Brookings based its report on several factors that included job losses, home price declines, weak production output and foreclosure rates through the final quarter of 2009.
According to Brookings, 63 of the 100 biggest metro areas had greater job losses in the two years that followed 2007, the year when the Great Recession started, than job losses experienced over the two years that followed each of the three previous national recessions.
Brookings also reported that home prices plunged in all of the 100 biggest metro areas between the fourth quarter of 2008 and the fourth quarter of 2009. Foreclosure activity continued to increase in most metro areas in the final quarter of 2009, with 56 metro areas posting sharp increases in bank-owned properties during the final quarter.
The chart-topper among the 20 cities is Detroit, where you can find properties in lists of foreclosed homes for sale that are being sold at staggering discounts. Home prices in Detroit in the fourth quarter have fallen by 11.7 percent compared to the final quarter of the year before. Jobs fell by 15.6 percent from their peak levels.
Because of the large numbers of vacant abandoned foreclosure properties across the city, Detroit Mayor Dave Bing and his economic advisers have proposed to clear about 25 percent of the most blighted neighborhoods to preserve those that are still thriving.
Next to Detroit is Las Vegas, where house prices plunged by a whopping 20.8 percent and where jobs fell by nearly 10 percent because of the decline in casino and resort operations.
Third is Cape Coral in Florida, where house prices fell by 11. 4 percent. The next cities are mostly cities of Florida, with several cities in California and in Ohio. The Florida cities are Bradenton, Palm Bay, Tampa, Jacksonville, Miami, Lakeland and Orlando.
The California cities are Riverside, Modesto, Stockton and Sacramento. The two Ohio cities are Youngstown and Dayton.
You can also explore lists of foreclosed homes for sale in the cities of Boise in Idaho, Grand Rapids in Michigan, Phoenix in Arizona and Portland in Oregon as they also are expected to experience more foreclosures.
Related Posts:
- Prices Surged Despite Foreclosed Listings of Residential Properties
- Lists of Federal Homes and Bank Foreclosures Highest in Florida
- Stockton Foreclosure Listings Still Dominating Market
- Las Vegas Foreclosure Lists Put the City on Top in 3Q
- Tampa Foreclosure Listings in Commercial, Residential Areas
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