In the United States things are looking up in the world of real estate. But there are still foreclosures on the market looking for your investment dollars. Some cities in Florida, at the time of this writing, are some of your best bets.
A foreclosure report, the RealtyTrac 2012 Year End survey, studied some 212 metro areas, all of which had a population base of 200,000 or more. In the included cities, the collective foreclosure rate topped the numbers in 2011 by 57 percent, but showed improvement over numbers seen in 2010. And, 120 of those markets in the report did show an improvement over 2011. RealtyTrac’s vice president, Daren Blomquist noted that this type of improvement was expected since the housing market is recovering in many areas.
Blomquist noted that those markets that were still seeing an increasing number of foreclosures during 2012 were turning around, albeit slowly. This is indeed an ideal time for those interested in Florida property to take that leap.
Some of the more preferred areas for Canadian investors were seeing a marked decrease in foreclosure properties. Phoenix saw a 37 percent decrease, while Detroit was down 26 percent. Compare that to Tampa, Florida, where foreclosures increased by 80 percent, and Miami where they were up 26 percent. The report noted that eight of the twenty metro areas with the highest foreclosure rates were in Florida. These included favored spots like Cape Coral, Fort Myers, Jacksonville and Orlando. Las Vegas, Chicago and Atlanta were also high up on that list.
RealtyTrac points to Florida, specifically the areas around Titusville, Melbourne and Palm Bay for the best real estate deals in 2013. Nearly 25 percent of sales in those areas involve foreclosure properties, selling at discounts averaging 28 percent. Sales are slow, with inventory sitting for roughly 34 months. In 2012, this part of the state saw foreclosures increase by 308 percent over those seen in 2011.