On what is foreclosure: 2006: Most Active Real Estate Foreclosure MarketsBy Real Estate Advisor The market is an attractive option for buyers wanting to invest in real estate. A foreclosed property is a mortgaged property that has been taken over by the lender due to non-payment of the mortgage. The lender then sells the property in order to recover the money, often at below market prices. Foreclosed homes, condos and other properties can for make excellent investments and is a popular choice for those entering the real estate market. The October 2006 issue of Business 2.0 Magazine ranks the top 10 markets in the United States. Greeley in Colorado tops the list followed by Detroit in Michigan, Miami in Florida, Indianapolis in Indiana, Ft. Lauderdale in Florida, Denver in Colorado, Dayton in Ohio, Dallas and Fort Worth in Texas, and Atlanta in Georgia. Greeley, CO, has the largest number of households in the country, with 0.59% of homes falling in the category, an increase by 14.7% since January 2006. The report holds aggressive residential development, risky underwriting practices and stagnant wages as the main causes. Detroit, MI, stands next with 0.51% of the households in foreclosure. ______continued. Interesting article on what is foreclosure: So What Is The Best Option: Hud Homes Or Bank Owned Properties? Third on the list is Miami, FL, where 0.37% of the households are in foreclosure, a staggering 91% increase since January 2006. The report states a weakening economy, higher property insurance premiums, and rising energy and interest rates, as the reasons for this rapid increase. The fourth among the top ten markets is Indianapolis, IN. Although the rates are slightly lower from last year, still the portion of households in stands at 0.35%. Setbacks and layoffs in the city’s auto industry together with falling home prices have contributed to rates in this city. Fort Lauderdale, FL, stands fifth with 0.34% of households entering foreclosure, which is up by a whopping 118.5% since January 2006. Denver (with 0.33% of households in foreclosure), Dayton (with 0.33% of households in foreclosure), Dallas (with 0.31% of households in foreclosures), Fort Worth (with 0.31% of households in foreclosure) and Atlanta (with 0.31% of households in foreclosures) round out the top 10 markets. If you are looking to invest in the market, consult a real estate agent who can help you clinch the best deal on the property of your choice. San Diego CondosSabre Springs HomesScripps Ranch Condos Another decent article on what is foreclosure: 10 Tips For Investing In Distressed Or Foreclosed Properties Off-site
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