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Top Football Towns for Foreclosure Deals

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It’s September, and as Hank Williams Jr. used to ask on the intro to the Monday Night NFL broadcast, “Are you ready for some football?”

RealtyTrac’s sportsbook is holding the line with a 10 point spread for the 2012 season, favoring wannabe  homebuyers and real estate investors (gridiron fanatics the lot of them), who want to know where the best football towns are in America for finding foreclosure bargains.

Here’s our picks for the touchdown plus a field goal spread we’re giving in 2012:

#1        Columbus, OH: Average discount 42 percent

They may have been picked to start the season at #22 in the country by Sports Illustrated, but the home of The Ohio State University tops RealtyTrac’s list of football towns with 1,083 foreclosure sales during the second quarter of 2012.  Even though that represents a 29 percent decline from the same time last year, the metro area’s foreclosure sales accounted for nearly 18 percent of all residential sales. Foreclosure sold at an average price of $98,514, up almost 9 percent from a year ago — a 42 percent discount from the average sales price of traditional sales in the area.

We found this cute 4 bedroom, 2 bathroom cottage in Columbus listed as a pre-foreclosure short sale for less than $50,000.

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#2        Knoxville, TN: Average discount 35 percent

They didn’t make SI’s top 25 to start the season, and University of Tennessee Volunteer fans won’t like this distinction either ranking second on RealtyTrac’s list of top foreclosure football towns. Homebuyers and investors bought 378 foreclosure properties during the second quarter for an average sales price of $110,507, a 16 percent increase in average sales price over the year before. Foreclosure homes accounted for almost 19 percent of all residential sales in the metro area during the quarter, at an average discount of more than 35 percent from the average sales price of non-foreclosure homes.

We found this sprawling country estate on the outskirts of Knoxville listed for just under $300,000, but with an upcoming foreclosure auction scheduled with an opening bid of $213,500.

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#3        Ann Arbor, MI: Average discount 34 percent

The University of Michigan Wolverines may have only made it to #13 on SI’s college football preview for the 2012-13 campaign, but the university’s home base of Ann Arbor had 262 foreclosure sales during Q2 2012 at an average sales price of $128,082, an almost 11 percent increase from the same period last year. Foreclosures accounted for 29 percent of all residential sales for the quarter, selling at a 34 percent discount from the average sales price for non-foreclosure homes.

This cozy brick ranch home in Ann Arbor within walking distance of the University of Michigan Stadium is in foreclosure and listed for $153,000 -- more than $30,000 below its estimated market value. A short sale with written approval from both the first lien holder and second lien holder, this could be a great bargain for a Wolverines fan.

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#4        St. Louis, MO: Average discount 32 percent

The bleacher report may have the Rams starting the NFL at 28th out of 32 teams, but the city of St. Louis is ranking high with RealtyTrac, reporting 1,960 foreclosure sales during the second quarter, selling at an average price of $99,983, a 9 percent increase in average sales price over the past year. At an average discount of 32 percent from the average price of traditional home sales, foreclosure properties accounted for 18 percent of all residential sales in the area.

This 2 bedroom, 1.5 bath bungalow located on a leafy street in the Durango Park neighborhood of St. Louis is listed for just $76,950 -- $30,000 below its estimated market value. A bank-owned home posted on RealtyTrac just a little more than one month ago, this REO listed for sale could represent a great bargain for a quick-acting buyer.

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#5        Detroit, MI: Average discount 32 percent

The preseason word on bleacher report for the Detroit Lions is to finish 13th in the league, but Detroit itself made RealtyTrac’s top 5 with 8,407 foreclosure sales in the second quarter of 2012. At an average sales price of $77,533 — an 18 percent increase from the average sales price for Q2 2011 — foreclosure homes sold for an average discount of 32 percent from the average non-foreclosure sales price. Foreclosure sales accounted for 39 percent of all residential sales in Detroit during the period.

Listed for just $20,000, this bank-owned brick colonial home in Detroit could be snatched up for less than many cars built in Motown. A great deal whether you plan to live there or rent it out and enjoy a reliable monthly cash flow.

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#6        Jacksonville, FL: Average discount 32 percent

Twenty-fourth in the league is where the Jaguars are starting off the season, according to bleacher report, but the Jacksonville metro area had 966 foreclosure sales representing 23 percent of all residential sales for the quarter. Foreclosure-related properties sold at a 32 percent average discount for the period. The $121,487 average sales price for foreclosure homes was 16 percent above the average sales price reported for the second quarter a year ago.

This two-story foreclosure home in Jacksonville's Springfield Historical District boasts nearly 2,400 square feet of living space plus a detached 1 bedroom guest suite. Listed for $112,000 -- $25,000 below its estimated market value -- this home started the foreclosure process back in 2010 and the owner has finally decided to list as a short sale.

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#7        Denver, CO: Average discount 31 percent

They have Peyton Manning now, and bleacher report ranks them at #16 to start the season, but the Broncos home town made RealtyTrac’s list with 3,539 foreclosure sales during the second quarter, accounting for 24 percent of all residential sales in the metro area. The average sales price of a foreclosure property during the period was $185,319 — a 6 percent increase in average sales price from this time last year — and a 31 percent discount from the average sales price of a non-foreclosure home.

Located two miles from Mile High Stadium, this 3 bedroom, 2 bathroom classic starter home in Denver is billed as a bank-owned fixer upper listed for $73,900.

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Those are the top 7 football towns for foreclosure deals, but as a field goal bonus here are three more football towns with good opportunities for finding a foreclosure deal.

#8        Miami, FL: Average discount 30 percent

Bleacher report may rank the Dolphins second to last in the preseason, but the Miami area saw 10,474 foreclosure properties sell in the second quarter at an average sales price of $130,186 — a 9 percent increase in average sales price from a year earlier. Foreclosure sales represented 23 percent of all residential sales in the Miami metro area, with an average discount of 30 percent compared to the average sales price of a traditional listing.

This 821-square foot Miami condo in the high-rise Opera Tower in the Biscayne Corridor boasts city and water views. This pre-foreclosure condo is listed as a short sale for $225,000, or $274 per square foot -- still 23 percent below the average $355 er square foot in the surrounding zip code.

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#9        San Diego, CA: Average discount 30 percent

With the San Diego State University Aztecs and the Chargers both calling Qualcomm Stadium their home during the season, the bleacher report ranks the Chargers at #19 at the start of the season. With 4,744 foreclosure sales in the second quarter, San Diego had the highest average sales price in RealtyTrac’s top 10 at $316,515 — up 6 percent from a year ago — and an almost 30 percent discount from the average sales price of a traditional listing in the area. Foreclosure sales accounted for 34 percent of all residential sales in the metro area for the quarter.

We found this 5 bedroom, 4 bathroom bank-owned home in San Diego listed below $300,000 -- a rare find in San Diego and $57,000 below the REO home's estimated market value.

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#10 Phoenix, AZ: Average discount 25 percent

The Arizona Cardinals are starting the season ranked #30 out of 32 NFL teams by bleacher report, but the team’s home base in the Phoenix metro area had the most foreclosure sales of any in RealtyTrac’s top 10 during the second quarter of 2012, numbering 13,226 in all. Accounting for 33 percent of all residential home sales in the metro for that period, foreclosure homes sold for an average sales price of $144,235 — an 18 percent increase in average sale price from the same quarter last year — and an average discount of 25 percent.

This 3 bedroom, 2 bathroom foreclosure home in Glendale is just 2.4 miles from the University of Phoenix stadium, home of the Arizona Cardinals. Listed as a short sale for $79,000 -- $10,000 below its estimated market value -- the home was built in 1998 and boasts a relatively large backyard by Phoenix standards.

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With the exception of Knoxville — which reported a 55 percent increase in foreclosure sales from a year ago — the remaining metro areas in RealtyTrac’s top 10 foreclosure football towns showed decreasing foreclosure sales from the second quarter of 2011.

Methodology
To come up with the list, we analyzed our most recent foreclosure sales and price data for the second quarter of 2012, applying it to all 32 teams in the National Football League, and the “25 Best College Football Towns in America” list published online earlier this year by bleacher report.

We sorted first by those towns which had a minimum of 100 foreclosure sales during the quarter, followed by those towns where foreclosure sales accounted for a minimum of 15 percent of total residential sales. Next, we sorted out only those towns that had a least a 5 percent year-over-year increase in average foreclosure sales price, and lastly slimmed down to the final list by picking those with the highest average discount percentage for the quarter.



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Comments

Thanks Teresa. I thought it was a good time of the year for a football "theme" approach to our newest data. Plus, I'm a football fan on both the collegiate and pro levels, so it made sense as we settle into the 2012 season. Posted: September 6, 2012 by: jcone
Interesting story, and a very creative angle. Nice job! Posted: September 6, 2012 by: Teresa
Thanks for your comment Jambynet. Always good to have some local insight on the housing market and housing stock in this case. Certainly foreclosure inventory varies quite a bit from city to city. We did an analysis foreclosure inventory based on the year properties were built in both Michigan and Arizona and found quite a variance. As you might suspect the majority of foreclosure inventory in Arizona was comprised of properties built in 1990 or later, while the majority of foreclosure inventory in Michigan was comprised of properties built before 1960. Here is a link to an article with more information on that analysis: http://www.realtytrac.com/content/news-and-opinion/reo-inventory-vintage-varies-widely-state-by-state-7344 Posted: September 6, 2012 by: darenb
Glad to see St. Louis get some play here. I've been following their foreclosure situation closely for 18 months. A great benefit of the local housing stock, and not mentioned so far, is the fact that almost all St. Louis homes are made of brick. They're automatically low maintenance and built to last: good investments for rental, though resale is a challenge in that market. Posted: September 6, 2012 by: Jambynet

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