5 Best Places to Buy Foreclosures in 2013
Fourth-best market: New York City
The Big Apple offered buyers a ripe and juicy 40.4% average discount on foreclosed properties in 2012's first 10 months, and RealtyTrac expects such deals to continue or even improve this year.
That's because the metro area -- which includes Long Island, the city's northern suburbs and parts of New Jersey and Pennsylvania -- has a 97-month backlog of foreclosed properties on the market.Again, blames for the excess inventory goes to the state's lengthy foreclosure proceedings. RealtyTrac found that New York State home seizures finalized during the fourth quarter took 1,089 days on average from start to finish -- the longest process in America. "New York courts have been particularly aggressive in not letting lenders foreclose unless they have all the proper documentation in place," Blomquist says.
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