Best Places to Buy Foreclosures in 2011
By Joel Cone, Staff Writer
There may be nothing glamorous or sexy about a depressed economy, but real estate buyers and investors who do their homework and know how to sort through an area’s available housing inventory can still find good investment opportunities that will leave them beaming with excitement.
They may not all be the most high profile hotspots around the country, but when it comes to potential for buying and investing in foreclosures in 2011 these 10 locations get our top billing for discounted opportunities.
Once the tire capital of the nation, this Midwestern city has a housing stock that includes many century-old homes built as early as 1890.
Rochester, New York
Like many cities not in the more volatile sand states, homes in the Rochester area did not experience the extreme highs and lows brought on by the overinflated price hysteria of the early 2000s.
Buffalo, New York
Buffalo is a prime target for investors looking for property that will provide a decent cash flow.
Hit hard by foreclosures early in the 2000s, Cleveland has seen foreclosure activity leveling off in the past three years.
Tucked away in the far northeast of the country, this port community had a pretty substantial increase in foreclosure activity during 2010 even though unemployment had fallen by nearly 1 percent on a yearly basis by December.
Located on the west shore of Lake Michigan, this once proclaimed beer capital of the world and still home to the Miller Brewing Company has seen foreclosure activity continue to increase every year since 2006.
San Jose, California
Nestled in the high-tech Silicon Valley region of northern California, home prices are still softening in San Jose at many price points throughout the area.
With unemployment trending down between December 2009 and 2010 and a number of companies are looking to relocate here, Memphis is becoming a magnet for investors.
San Diego, California
San Diego is known for its military presence, its close proximity to Mexico, and its fame as a popular location for movies such as Top Gun and Some Like It Hot.
Durham, North Carolina
Although Duke University is its largest employer, the “City of Medicine” as it is referred to these days has a growing and thriving healthcare-related component to its economy.
Top 10 Methodology
In selecting the Top 10 list, we started with the nation's 100 largest metropolitan statistical areas (MSAs) based on poulation. We then filtered out the top 25 metro areas in each of 10 categories relating to foreclosure activity, unemployment rates and sales prices and tabulated which metro areas showed up most frequently in those top 25 lists.