15 Best Cities For Real Estate Bargains
NEW YORK (TheStreet) -- Real estate investors and homebuyers looking for the right property at the right price might come up short in this housing market, where the supply of existing homes is well below normal.
But they might not be looking hard enough. The search for the "right" property inevitably becomes the search for the "perfect" property, which means "fixer-uppers" -- homes in need of renovation -- tend to get ignored.
According to RealtyTrac, there are 51,000 potential foreclosure fixer-uppers nationwide -- bank owned homes that were built before 1960 and with an estimated market value below $100,000.
"Low-priced homes are still plentiful in many markets, particularly in the form of foreclosures," said Daren Blomquist, RealtyTrac vice president. "While these homes may be in need of more work than a typical home and are certainly harder to find now than in previous years, buyers and investors willing to put in a little extra legwork and sweat equity can often find the best deals in their markets on these foreclosure fixer-uppers."RealtyTrac released a list of the top 15 cities to buy foreclosure fixer-uppers. Detroit, Chicago and Cleveland lead the pack, as seen in the graphic below. -- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV