Top 20 Cities in Foreclosure

I’ve heard the whinning and crying from budding real estate investors who tell me, “I know there is a fortune to be made helping people and making money with real estate BUT…but, I can’t seem to find the deals.”  Despite the fact that the number of properties in default, in pre-foreclosure and foreclosed upon continues to grow (as recently revealed in RealtyTrac’s latest foreclosure report) nationwide, I still hear the moans and groans from some who feel as if they just can’t find any deals out there.

Oh, come on! Snap out it. This country needs your help. Seriously. The pity party is over. For once, real estate investors are uniquely positioned to dig America out of the funk it’s in. Our country needs you now, more than ever. Stop making excuses and get out there and help some people!

OK, I’ll step off my soap box.

Below is a pictorial illustration of just how many deals are available that Google knows about.  (Never mind the millions in shadow investory that Google is unaware of).  Starting from #20, here are the top 20 cities in foreclosures in America.

And to think that the above visuals only represent a small fraction of all the people that need your help getting out from underneath their problem properties. What are you waiting for?

Comments

  1. Kathleen Loftus says:

    Wow Phil, this is unbelievable. Are these people who are losing their homes going to turn into renters?

    • Freedom Mentor says:

      Fascinating Question.

      Interestingly enough, this has been one of the major shockers for real estate investors over the past few years.

      It would seem that the number of renters would have dramatically spiked as a result of the growing foreclosure epidemic. But surprisingly, the amount of tenants has remained steady because many foreclosure victims end up moving in with family, renting a family member’s vacant rental property, etc.

      It would seem logical that there would be more renters and therefore owning rental property would be a great direction to move into, but statistics are showing that rental rates have not increased because the amount of renters has remained steady.

      Go figure?

  2. I hope these homeowners in foreclosure would consider doing a Short Sale! It’ll be a win win for everyone involved.

  3. Phil,

    Great Stats, thanks. It’s not a surprise, the highest 20 are in FL/CA/AZ ! the same areas that showed the highest bubble appreciation in boom time.

    Now the Golden question: how long before the market fully absorb these and go back to a semi-normal state? That will guide the amount of investors buying there from now…

    Thanks again.
    FJ

  4. Jerry Lovejoy says:

    I and two other friends are giving up our properties in North Port, Florida because they are so far underwater. Would love to do short sales if anyone has access to money/ loans with which to purchase. Such a vicious circle.

  5. Not only will they become potential renters, but better yet potential future home buyers. This is why I think lease options, contract for deed and seller financing is the next wave for real estate agents and investors! Get ready guys the flood gates are going to open on the other end for us!!!

    • Freedom Mentor says:

      I sure hope you are right Wendy. I would love to have a flood of tenant buyers with healthy down payments paying off my real estate for me.

  6. It’s always a Good Market in Real Estate for those who know what they are doing.
    There’s an old saying “Real Estate is like sex, get all you can while you’re young”
    Now’s the time to get all you can.

  7. I have some cash to invest for the right properties. Living in Brevard County Florida, 60 mi east of Orlando. If someone in the area wants to explore opportunities, let’s start a conversation.

  8. rose randolph says:

    I live in Merced, CA and am close to Modesto, Stockton and Sacramento.
    SOMEBODY PARTNER WITH ME! I have the time but not the resources.
    Let’s get RICH together!

  9. We must all remember that no matter which avenue these former homeowners take, most must have a job to support their payments whether it be renting or owner financing. Phil, what is your thoughts on this? I would like to see maps of the same with the unemployments rates for those cities.

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