The foreclosure crisis still gnaws away at the depressed housing market and overall economic recovery, but for those with means distressed properties offer historic affordability when combined with all-time low mortgage rates.
The real estate site RealtyTrac has selected the 10 best places to buy a foreclosure in 2012.
RealtyTrac started with the 100 largest cities based on population. From there, it narrowed the list to markets with at least 200 sales transactions in January 2012.
The list was then pared down by selecting cities where the average foreclosure sales price was at least 30 percent below the average price of a non-foreclosure home.
RealtyTrac also looked at unemployment and sales prices, and then tabulated which were the best for buying a foreclosure.
Here’s the list:
|Metro Area||January 2012 Foreclosure Sales||% of All Sales||Avg Sales Price||Avg Foreclosure Discount %|
|Cape Coral-Fort Myers, FL||606||27.01||$102,022||37.77|