5 Worst Places to Buy Foreclosures in 2013
Fifth-worst market: Salt Lake City
Speculators priced out of California and Arizona markets bid Salt Lake City's home prices way up during the housing bubble, but Utah's nonjudicial-foreclosure laws have helped the metro area recover relatively quickly from the bust that followed.
Salt Lake's foreclosure-related filings fell 37.7% in 2012, leaving the 1.1-million-person metro area with just 19 months of unsold foreclosures on the market (one month less than the U.S. average).As a result, the typical Salt Lake City foreclosure buyer got only a 13.4% discount in 2012 -- way below the 31.6% national average. "We've seen the numbers come down in Salt Lake City in the past year because of the state's more streamlined foreclosure process," Blomquist says.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts