Foreclosures in Vacation Hot Spots

Finding a foreclosure property near your favorite vacation spot may be a good way to purchase a vacation home below market value.

For many Americans, a vacation home can be a good investment that also provides a convenient and inexpensive place to regularly escape the hustle and bustle of everyday life. The most recent census shows that more than 3 percent of all U.S. housing units are used for seasonal or recreational purposes, but that percentage accounts for a quarter or more of homes around certain vacation hot spots, such as the balmy beaches of the Florida Keys or the wooded lakes of New England and the upper Midwest.

But vacation homes are not immune to foreclosure, and unexpected life circumstances such as the loss of a job or large-scale economic forces such as rising interest rates can force owners into defaulting on their mortgage payments.

RealtyTrac’s nationwide foreclosure database contains many properties, including the ones pictured below, in counties where vacation homes account for at least 20 percent of all housing units.

(Note: Property status is subject to change at any time if the homeowner pays off the amount owed or if the property is sold to a third party.)

PhotoProperty Details
Key West, Fl

Key West, FL

Foreclosure Status: Pre-Foreclosure
Est. Market Value: $770,000
Est. Loan Amt: $549,000
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Mio, MI

Mio, MI

Foreclosure Status: Bank Owned
Opening Bid: $1,000
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naples Fl

Naples, FL

Foreclosure Status: Pre-Foreclosure
Est. Market Value: $1,192,000
Est. Opening Bid: $950,000
Listed for sale at $1,790,000
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Milfor Pa

Milford, PA

Foreclosure Status: Bank Owned
Est. Market Value: $100,000
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Marco Island, FL

Marco Island, FL

Foreclosure Status: Pre-Foreclosure
Est. Market Value: $569,000
Est. Opening Bid: $502,500
Listed for Sale at $549,000
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