5 Worst Places to Buy Foreclosures in 2013
No. 1 worst market: McAllen, Texas
This South Texas city along the U.S./Mexican border never saw big home-price gains during America's real estate boom, so it didn't suffer as much in the resulting bust.
Add in Texas' fastest-in-the-nation home-seizure process and you have foreclosure conditions that are good for current owners, but terrible for would-be buyers.Foreclosure filings in McAllen fell 66% during 2012, leaving the 775,000-population area with only a 12-month supply of distressed homes available for purchase. That means the typical McAllen foreclosure sold for just a 21.5% discount in 2012 -- well below the U.S. average. "There are definitely markets in Texas that still have foreclosure problems," Blomquist says, "but few are dealing with the huge numbers of [distressed properties] that we saw elsewhere in America."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV