NEW YORK (
) -- 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.
, 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.