The market foreclosure is an attractive option for buyers looking to invest in real estate. A foreclosed property is a mortgaged property has been assumed by the lender, due to lack of payment of the mortgage. The lender sells the property to recover the money, often below market prices. Foreclosed homes, condos and other properties can to make excellent investments and is a popular choice for those entering the housing market.
In October 2006 Business 2.0 Magazine ranks the top 10 foreclosure markets in the United States. In Greeley, Colorado tops the list followed by Detroit, Michigan, Miami, Florida, Indianapolis Indiana, FT. Lauderdale, Florida, Denver Colorado, Dayton, Ohio, Dallas and Fort Worth, Texas, and Atlanta, Georgia.
Greeley, CO, has the highest number of foreclosure homes in the country, with 0.59% of the households included in the category, up one 14.7% since January 2006. The report contains aggressive residential development, the risk underwriting practices and stagnant wages as the main causes.
Detroit, MI, standing with 0.51% of households in foreclosure. The poor performance of the automobile industry and the resulting impact of the income of workers automotive sector "has helped the number of households in foreclosure in this city.
Third on the list is Miami, FL, where 0.37% of households are in foreclosure, a staggering 91% increase since January 2006. The report shows a weakening economy, higher property insurance premiums, and energy and rising interest rates, the reasons for this rapid increase.
The fourth among the ten major markets in the exclusion Indianapolis, IN. Although foreclosure rates are slightly lower than last year, yet the proportion of households in the process of execution is at 0.35%. The setbacks and layoffs in the auto industry in the city along with falling housing prices have contributed to the foreclosure rates in this city.
Fort Lauderdale, FL, is fifth with 0.34% of homes entering foreclosure, which is a whopping 118.5% since January 2006.
Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in executions mortgage), Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in foreclosure) complete the top 10 markets of foreclosure.
If you are looking to invest in the market for foreclosure, consult a real estate agent who can help to ensure the best deal on the property from foreclosure of their choice.
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Article Source: ArticlesBase.com – 2006: Most Active Real Estate Foreclosure Markets