subject: Choosing the Best Home Foreclosures by State [print this page] Choosing the Best Home Foreclosures by State
Some home buyers believe that buying a new house should coincide with moving to a new place. For people who prefer to start a new life with a new house in a different location and are looking for the best home foreclosures by state, they can decide which area to choose by looking at several factors.
Crime Rates and Population Growth
States that are enjoying steady population growth will likely have lower crime rates. Places where most people have moved out leave behind vacant houses and businesses suffering from lack of customers, which usually leads to local robbers and thieves taking advantage of empty premises and slack security. Home buyers should consider states where the population grows at a steady rate and vacant properties do not outnumber occupied houses. Examples of states that satisfy these criteria are Texas, Indiana and South Carolina.
Future Growth in Home Values
When it comes to potential growth of home values, states that have not suffered from sharp fluctuations in the housing market are the best options. The top home foreclosures by state are those that are in locations where recession has not hit too hard and employment rates did not suffer major declines. Texas, again, is the top choice for this. Several of its counties ranked high among metro areas in the U.S. in terms of holding steady during the worst of the recession. Oklahoma is also a great place in terms of home values and future investment benefits.
Buying Cheap Houses Might Not Be Wise
Buying a property at giveaway prices might not be the best way to prepare for the future. For one, some of the cheapest residences can be found in areas that suffered greatly from the housing crisis. Although buyers can surely acquire cheap dwellings from places like Nevada and Arizona, there is no telling how long it would take for these states' housing markets to recover, which means that home owners could be left with undervalued properties for years to come.
Determining the best home foreclosures by state should not be based on price alone. The potential of a place to offer future growth should be the primary criteria that every home buyer should look into.
