Some States Provide Best Value for Foreclosure Properties

Some States Provide Best Value for Foreclosure Properties

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NEW YORK, N.Y., Feb. 28 (SEND2PRESS NEWSWIRE) -- calls attention to future homeowners to some states with the best price values of foreclosure properties. Foreclosure Warehouse statistics show that the top states that had the lowest prices in the beginning of the 2011 compared to the same time in 2010 reveal advantageous situations for those who are looking for a new property.

Why are they good opportunities?

The statistics:
The top States listed from February, 2010 to February, 2011 with the most inexpensive homes (and their prices) are:

1. Kansas (Feb 2010: $88,500.00/ Feb 2011: $80,630.00)
Boasting good schools, a low cost of living, and a jobless rate still well below the national average, Kansas offers the outdoorsman and families professional sports, hunting, and recreation year round.

2. Missouri (Feb 2010: $101,230.00/ Feb 2011: $86,014.00)
With jobs galore, Missouri continues to exude the welcoming feeling to all who live or visit. There are plenty of opportunities to buy a nice home in good condition. Major industries include manufacturing, agriculture, retail service, and tourism. Missouri is largely a conservative's place to live.

3. Mississippi (Feb 2010: $98,443.00/ Feb 2011: $92,210.00)
Having a warm climate year-round, a rich heritage, fresh seafood cuisine pleasures, and a low cost of living, Mississippi's friendly people make owning a home in any community more than worth the time it takes to decide on which home to purchase.

4. Louisiana (Feb 2010: $145,222.00/ Feb 2011: $92,344.00)
Louisiana offers forests, bayous, city life, jazz, and that unmistakable Cajun cooking! The northern tier of the state is known as a sportsman's paradise. Fishing is outstanding throughout the state. Pro and semi-pro sports are also worth considering the move to Louisiana to own a foreclosed property.

5. Arkansas (Feb 2010: $125,285.00/ Feb 2011: $95,648.00)
Buying a home in Arkansas can be advantageous with its low cost of living, diversity, top-notch schools and outdoor activities, that include six national park sites, 2.6 million acres of national forest lands, 13 major lakes, and two mountain ranges. The state also has a $350 tax credit on the real property of a taxpayer's principal place of residence.

6. North Dakota (Feb 2010: $105,193.00/ Feb 2011: $96,282.00)
North Dakota's fishing and hunting opportunities are among the best in the nation. Ranked as the friendliest state in the U.S., according to Cambridge University, and as the most affordable vacation spot by AAA insurance, its scenic beauty, winter sports, and natural wildlife are abundant. North Dakota has a mere 3.9% unemployment and remains the lowest percentage in the nation.

7. Maine (Feb 2010: $97,167.00/ Feb 2011: $97,176.00)
Beautiful Maine, called the "Pine Tree State" because 90 percent of its land is green forests, offers scenery, sandy beaches, fishing, thousands of offshore islands, inland lakes, rivers, and mountains. Maine is rich in historical significance, and offers famous seafood dining, arts and culture, a growing economy, a wealth of outdoor activities, and a high quality of life. Naval shipbuilding and construction are also economic impacts on the State.

8. Iowa (Feb 2010: $81,360.00/ Feb 2011: $97,727.00)
Iowa's cost of living is considerably below the U.S. average at rated 79.9 out of 100. Homeowners pay less than half of the property tax collected each year. Employment is on par with the rest of the country, and Iowa has several excellent Universities and good schools and education standards.

9. Oklahoma (Feb 2010: $84,491.00/ Feb 2011: $98,995.00)
Known for mild winters, friendly people and beautiful scenery, an abundance of the arts, quality health care, education excellence and more, Many people are discovering Oklahoma is one of the best kept secrets in home ownership and lifestyle improvements. Transplants from California, for example, remark how they enjoy all this and more without high costs, energy shortages, smog, or traffic congestion.

10. Ohio (Feb 2010: $79,574.00/ Feb 2011: $106,645.00)
Boasting some of the finest medical and educational institutions in the country, and being the center of the nation's largest concentration of industrial and consumer markets, Ohio offers an incredible variety of lifestyles and opportunities, a cost-of-living well below that of other major metropolitan areas, and a brand of quality inherent in its craftsmanship for manufactured goods. There are many college and professional sports teams to experience, and entertainment venues to enjoy. Ohio is a great place to visit, and people do love to live there.



5 Best states to Buy Foreclosures

Here's a look at the five best and five worst U.S. markets that RealtyTrac sees this year for people interested in buying foreclosures.

All sales figures refer to houses, townhouses, condos and apartment buildings with four units or fewer that sold between Jan. 1 and Oct. 31, 2012. All backlogs of unsold foreclosures are as of Dec. 31, the most recent period for which data are available.

5th-best: Lakeland, Fla.

RealtyTrac Vice President Daren Blomquist says Florida's seesawing housing market — which boomed in the early 2000s, then went bust around 2007 — hit Tampa so hard that the downturn spilled over to Lakeland, a 590,000-population metro area around 35 miles away.

"A lot of times, 'exurban' communities around a really hot area are very affected by a boom and bust," he says. "There's a lot of homebuilding in such places during the boom, but then there's an oversupply of houses when the bust hits."

As a result, Lakeland — best known as the Detroit Tigers' spring-training home — saw foreclosure filings rise 95.7% during 2012.

4th-best: New York City

The Big Apple offered buyers a ripe and juicy 40.4% average discount on foreclosed properties in 2012's first 10 months, and RealtyTrac expects such deals to continue or even improve this year.

That's because the metro area — which includes Long Island, the city's northern suburbs and parts of New Jersey and Pennsylvania — has a 97-month backlog of foreclosed properties on the market.

Again, blame for the excess inventory goes to the state's lengthy foreclosure proceedings. RealtyTrac found that New York state home seizures finalized during the fourth quarter took 1,089 days on average from start to finish — the longest process in America.

"New York courts have been particularly aggressive in not letting lenders foreclose unless they have all the proper documentation in place," Blomquist says.

3rd-best: Albany/Schenectady, N.Y.

New York state's capital suffers from the same long foreclosure process and distressed-property backlog that's hitting Gotham, according to Blomquist.

RealtyTrac found that Albany has an 86-month supply of seized homes on the market – and saw foreclosure filings soar 107.7% in 2012.

All told, foreclosure buyers in this 871,000-population metro area about 120 miles north of New York City got a 35% average price break during 2012's first 10 months. RealtyTrac predicts more of the same in 2013.

2nd-best: Rochester, N.Y.

This city 325 miles northwest of New York City along Lake Ontario saw foreclosure filings rise 132.6% last year, leaving Rochester with a 78-month supply of unsold distressed homes.

Again, Blomquist blames New York state's arduous foreclosure process. "There's a big backlog of cases," he says.

The good news for would-be buyers: People who bought distressed properties in the 1.1-million-person metro area between January and October 2012 saw 25.8% average discounts. Blomquist sees such deals continuing this year.

The Best: Palm Bay/Melbourne/Titusville, Fla.

This metro area along the Atlantic coast is home to the Kennedy Space Center — which is fitting, because its market soared toward the moon during the housing boom, then fell back to Earth in the bust.

"You have still the leftover wreckage from the housing bubble — bad loans, a slow foreclosure process and lots of people who are 'underwater,'" Blomquist says.

The Kennedy center has also cut thousands of jobs in the past year or so after the space-shuttle program's termination, adding to the 540,000-population area's problems. "A soft underlying job market only aggravates [the Palm Bay region's] foreclosure problems," Blomquist says. jkroneneburg

5 Worst Markets for Foreclosures

5th-worst: Salt Lake City

Speculators priced out of California and Arizona markets bid Salt Lake City's home prices way up during the housing bubble, but Utah's nonjudicial-foreclosure laws have helped the metro area recover relatively quickly from the bust that followed.

Salt Lake's foreclosure-related filings fell 37.7% in 2012, leaving the 1.1-million-person metro area with just 19 months of unsold foreclosures on the market — one month less than the U.S. average. As a result, the typical Salt Lake City foreclosure buyer got only a 13.4% discount in 2012 — way below the 31.6% national average.

"We've seen the numbers come down in Salt Lake City in the past year because of the state's more streamlined foreclosure process," Blomquist says.

4th-worst: Las Vegas

Long the poster child for the U.S. housing boom and the bust that followed, Las Vegas is seeing a major turnaround in its housing market, with prices rebounding and foreclosure filings way down.

"Las Vegas is a market that has been organically able to bottom out more quickly because of [Nevada's] fast foreclosure process," Blomquist says. "Many of the foreclosures that had to happen there have already happened."

He adds that a 2011 law change that made the state's nonjudicial-foreclosure process a little harder for banks took effect only after many Vegas home seizures. As a result, the measure has only dried up Sin City's backlog of unsold distressed homes further.

Foreclosure-related filings fell 57% in Las Vegas during 2012, leaving the metro area with only a seven-month supply of available foreclosures, one of the lowest rates for any U.S. city.

3rd-worst: Little Rock, Ark.

The one-time home of former President Bill Clinton saw foreclosure-related filings plunge 48.6% in 2012, but Blomquist says that might be only a temporary reprieve.

He says Little Rock's foreclosure crisis abated mostly because of a November 2011 court ruling that slowed Arkansas home seizures. "The drop in foreclosures is really the result of the court's intervention rather than a natural decrease in activity," Blomquist says. "It's reduced foreclosures in the state for now, but that might not be the end of the story. Lenders are still trying to figure out how to proceed."

For now, Little Rock's glut of unsold foreclosures has dropped to a 15-month supply. That's partly why the typical foreclosure buyer in the 710,000-person metro area got only a 24.3% discount in 2012 — well below the national average.

2nd-worst: Ogden, Utah

Ogden has seen its foreclosure crisis ease in tandem with improving conditions in Salt Lake City, about 40 miles to the south.

Foreclosure-related filings dropped by 50.1% last year in Ogden, leaving the 547,000-population metro area with just a 13-month supply of seized properties up for resale. As a result, the average Ogden foreclosure buyer got only a 14.7% discount last year.

Blomquist attributes Ogden's bottoming out to Utah's speedy nonjudicial-foreclosure process.

However, he adds that the average Ogden home-seizure case finalized during 2012's fourth quarter took 449 days to complete — up 96 days from three months earlier.

Blomquist isn't sure what's behind the increase, but calls it "a warning flag. It means there could be more foreclosures hitting the resale market down the pike."

Worst: McAllen, Texas

This Texas city along the border with Mexico never saw big home-price gains during America's real-estate boom, so it didn't suffer as much in the resulting bust. Add in Texas' fastest-in-the-nation home-seizure process and you have foreclosure conditions that are good for current owners, but terrible for would-be buyers.

Foreclosure filings in McAllen fell 66% during 2012, leaving the 775,000-population area with only a 12-month supply of distressed homes available for purchase. That means the typical McAllen foreclosure sold for just a 21.5% discount in 2012 — well below the U.S. average.

"There are definitely markets in Texas that still have foreclosure problems," Blomquist says, "but few are dealing with the huge numbers of [distressed properties] that we saw elsewhere in America." jkronenberg

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