subject: Foreclosures By State: Which U.S. Cities Offer the Best Options? [print this page] Foreclosures By State: Which U.SForeclosures By State: Which U.S. Cities Offer the Best Options?
For people who plan on investing in foreclosed properties, choosing the cheapest one does not necessarily make for a wise decision. Buyers should always consider the location of the property since it can be the difference between making a profit and losing a home. When it comes to foreclosures by state, some areas in the U.S. are better options for homebuyers and investors than others.
Criteria for Choosing Location
Buyers of foreclosures should consider the economic condition of the city or state where the property they want to buy is located. For example, Nevada is not a very wise choice since the real estate market there is weak and any property that is purchased might end up becoming worth less than its purchase price.
People interested in foreclosed properties should also consider the employment rate of the location. The more companies and industries present in the area, the more jobs can be created. The higher the number of employed in a city, the better the chance of increasing the value of properties. High employment rates can also mean more tenants for properties that are being offered for rent.
Which Locations Are the Best?
When it comes to selecting the best option for buying foreclosures by state, North Carolina is one of the top bets for both private home buyers and investors. The cities of Raleigh and Charlotte are both enjoying stable economies and reasonable employment rates.
Buyers should remember that cheap foreclosed properties do not necessarily make for a strong investment. In North Carolina, foreclosed real estate might not be as cheap as, say, Detroit; but the economic stability can help increase the value of properties in the future and can create more equity.
Another state that can serve as a good source of foreclosed properties is Oklahoma. Prices of foreclosed homes in the state, particularly in Oklahoma City, are not too high, although they are not too cheap either. However, the rising values of properties can bring in a lot of profits in the future, particularly for those who own multiple dwellings. In addition, the quality of living in Oklahoma is considered high when compared with other top cities ranked according to number of foreclosures by state.
