I’m not sure the market has really tanked and that prices are as low as they are going to get, but IF YOU think so, then ABC has linked up a list of cities that are being touted as the “Best Places to Buy Foreclosed Homes”
But in markets in other cities, where there are hints of stabilization, foreclosed properties might be a good investment.
You’ll find such spots in the Sunbelt, home to Charlotte, N.C., Raleigh, N.C., Oklahoma City, San Antonio, and Albuquerque, N.M. These five cities topped our list of Best Places To Buy Foreclosed Homes.
If there’s only a “hint” of stabilization… the prices may still go down significantly. One very pessimistic acquaintance of mine expects the true bottom not to be hit for quite some time - at least a year or two.
Personally I don’t know what to tell you… the places mentioned are places that didn’t hit the astronomic heights of other real estate markets that are still in free fall. Their bubble didn’t swell as much and so that downside can’t possibly be as bad. In other words, the housing prices had much less fat to cut out from them than, say, in Los Angeles.
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