Foreclosure is a term that most homebuyers fear, especially when the process takes too long. Despite the dread that the owners feel when this happens to them, potential home buyers see this opportunity as a means of buying property cheaper than they anticipated. Here are locations where foreclosure homes are frequent indicating a good market to pick a home from.
According to Realtor, foreclosure proceedings could be a long and tiring process as it normally takes about 629 days to effectuate. However, despite the dread that several home owners feel when their property is set up for foreclosure, those who wish to purchase homes as a lower rate find solace in these types of situations.
The top five States in the United States that have the most foreclosed homes than most are North Carolina, Ohio, South Carolina, Georgia, Nevada, and New Mexico.
For North Carolina, one in every 970 residential properties has been foreclosed for the month of July. For Ohio, there are one in every 932 homes, South Carolina at one in every 923 homes, Georgia at one in every 900, New Mexico at one in every 741, and one in every 587 residential properties in Nevada.
Values for Nevada garnered a 10% increase in foreclosed homes since last year.
Provided that Nevada is home of Sin City, it would be fun to live within the region. Now that it's one of the regions that have most foreclosed properties in the country, this would be a good market for home buyers to look at, reported 3 News.
The reason behind these properties in Nevada being foreclosed us due to the sharp increases in bank repossessions. Therefore, when acquiring one of 47,000 homes this season, it is important to keep in mind that finding the optimal bank choice is one way to refrain from foreclosure of property around this area.
Although foreclosed homes take too long to effectuate, these foreclosed properties are the best chances for home buyers willing to purchase them at a lower price is the perfect real estate investment opportunity for you.