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Where Are the Foreclosures?

"The key is to know where to look to find them."

 

Foreclosures are a big problem throughout the United States. Cities where jobs are gone and where the housing market's bubble a few years ago exploded are now left with countless properties that no one lives in and banks own. These are taxing communities. Yet, foreclosures can be one of the best investment opportunities for real estate investors or even home buyers. The key is to know where to look to find them.

Top Cities for Foreclosures

Again, you will find foreclosures in nearly every city in the US. In addition, they occur in urban areas as well as luxury neighborhoods, and everything in between. The following are some of the top cities facing the highest number of foreclosures, according to Bankrate.com.

·         The Milwaukee, Waukesha and West Allis areas of Wisconsin come in at the most with an average discount of home values on these properties of 57.9 percent. The average foreclosure here costs $77,592.

·         In the Philadelphia, Camden and Wilmington, PA and New Jersey area, the average discount is 52.51 percent and costs $109,878 on average.

·         Next on the list is the Boston, Cambridge and Quincy areas of Massachusetts and New Hampshire. Here, the average discount on the home's value is 50.92 percent and the average sell price is just over $181,000.

·         Chicago, Naperville and Joliet areas of Illinois comes in number four on the list with an average discount of 49.71 and a sale price of $118,278.

·         The Atlanta, Sandy Springs and Marietta areas of Georgia rank number five with an average discount of 48.12 percent and home prices reduced to $95,321.

Buying foreclosures here could mean significant savings.