MIAMI, Sept. 25, 2018 /PRNewswire/ -- The following is an analysis on the 2018 real estate and foreclosures market from BankForeclosuresSale.com.
With real estate foreclosures remaining hot throughout the United States, both individual buyers and investors continue to take notice.
According to Simon Campbell of BankForeclosuresSale.com – an online service that helps consumers find foreclosed homes for up to 60 percent below market value – there are plenty of opportunities for buyers who know where to look.
"Even though the foreclosure market in the United States has changed over the past few years, it doesn't mean that good opportunities no longer exist," Campbell noted.
"It all comes down to understanding where to find the hottest foreclosure markets, as well as which ones put you in position to secure the most significant possible profit."
Just the same as the real estate industry as a whole, the best markets for foreclosures last year may no longer be hot this year. Also, of course, the top markets right now may not hold much value in 2019 and beyond.
The 7 Hottest Foreclosure Markets of 2018
When it comes to the hottest foreclosure markets, it's important to pay attention to the areas where there are large numbers of repossessed homes for sale. This puts the buyer in a position to not only find the best properties, but to locate those that suit them in regards to budget, condition, and other essential details.
The seven states with the highest foreclosure rates through the first few months of 2018 are as follows:
- New Jersey
- South Carolina
This doesn't mean that these are the only states in which there are good deals on foreclosures. What it means is that these states have the highest foreclosure rate, thus making more properties available to buyers.
Campbell notes the importance of searching for opportunities in hot foreclosure markets, saying the following:
"There are good deals to be found in all parts of the country, but you have a better chance of success if you focus your time and attention in the states with the highest foreclosure rate. This improves the likelihood of finding homes that meet your buying criteria, regardless of what type of investor you are."
5 Most Profitable Foreclosure Markets
There is a difference between the hottest foreclosure markets and those that are most profitable. Access to a large number of properties is a big deal, but the only thing that matters for most consumers is making money.
This should lead you to also spend a good amount of time in the most profitable foreclosure markets.
Here are 5 cities to consider:
- Chicago, Illinois
- Philadelphia, Pennsylvania
- Cleveland, Ohio
- Miami, Florida
- Houston, Texas
These cities are known for having a large number of foreclosure filings, as well as prices that put investors in the position to earn a profit. This is the best of both worlds.
"It's not good enough to know which cities and states have the most foreclosures, as volume is only one part of the equation," said Campbell. "If you're an investor and you want to make money in foreclosures, you have to focus on profitable foreclosure markets such as Houston, TX that have yet to become over saturated.
"These change from month to month and year to year, so keeping your eyes and ears on the street is critical to long-term success."
As 2018 comes to an end, real estate foreclosures are expected to remain hot throughout the United States. Knowing the hottest and most profitable foreclosure markets is a good step toward making a successful investment.
To learn more about the United States foreclosure market or to search for distressed properties, visit Bankforeclosuressale.com online.