After the market crashed a decade ago, there was a period of time when foreclosed properties were plentiful and savvy homebuyers and real estate investors seized the opportunity to get a good house at a bargain price. Naturally, as the economy improved, foreclosed properties were purchased, and it became more difficult to find a significantly discounted house.
But that doesn’t mean there aren’t still foreclosures available for the homebuyer or investor that wants to seek them out. In fact, according to a recent report, the foreclosure market is hot and there are a number of places around the country that have repossessed homes for sale at a good price. For example, the top foreclosure markets right now are found in New Jersey, Maryland, Nevada, Delaware, Illinois, South Carolina, and Connecticut. Those states have the highest number of available foreclosures.
But that doesn’t mean they necessarily have the best deals. That’s why the report separates volume and profitability. According to the report, Chicago, Philadelphia, Cleveland, Miami, and Houston buyers have the greatest possibility of finding a foreclosure at a price that puts them in a position to profit off their purchase.