Foreclosure was down in 2011. But just when everyone thought that the improvement on foreclosure activities will continue the following year, everyone was proven wrong. Foreclosure activity ramped up again in 2012 and the bad news is that based on predictions, it will continue to get worse this 2013. This is largely due to the fact that banks will be aggressively deal with delinquent borrowers, and actively clearing away a huge backlog of distressed loans. Reports say that more than half of the top 200 US housing markets saw a rise in foreclosures but here’s the thing. The foreclosure activities are not where every expect them to be.
While there is a significant drop in foreclosure activities in Phoenix, San Francisco, Detroit, Los Angeles and San Diego, the same thing can’t be said in areas like Tampa, Miami, Chicago, New York and Baltimore. For investors looking to buy more inventories in markets with increased number of foreclosures, it is the best time to do so.
On the other hand, investors should avoid looking for foreclosures in the West, where financial crisis was first felt and where so many properties were already bought by investors. Today, there is a low supply in those areas, with investors fighting over what is left. In fact, due to low inventory, bidding wars already broke out particularly in cities like Phoenix, San Jose, Las Vegas and even Portland. For more details on 2013 foreclosures, and where to get the best foreclosed properties, check out the link now.
