Realty Trac Report
Realty Trac recently came out with a list of the best cities in the nation to buy foreclosures in 2013
They report that in 2012 57% of the markets they track over 200,000 people increased in the number of foreclosures over 2011. Twelve of the top 20 markets in size decreased in foreclosure rates. However one large city of note Baltimore was one of the 8 out of 20 largest markets that increased in foreclosures. Baltimore foreclosures showed an increase of 34% over 2011.
Daren Blomquist, vice president at RealtyTrac said “Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble.” I have to disagree. That may be true in some areas, however as I drive through Baltimore I see a lot of properties that appear vacant. My experience tells me that those were homeowner properties or investors who cold no longer pay the mortgage. These owners have abandoned their properties and they sit vacant while waiting for the banks to foreclose.
Best Markets to Buy Bank Owned Homes in 2013
Despite the increase in foreclosures in 2012, Baltimore was not listed as one of the best foreclosure markets for 2013. However as I said above I think there will be plenty of opportunity in this market in 2013. Palm Bay-Melbourne-Titusville metro area in Florida was at the top of the list. Five other Florida markets were in the top 20. Five New York cities made the top 20 list which means FL and NY cities represent over 1/2 of the list. Check out the Realty Trac site to see the complete the complete list and cool looking charts. (I won’t copy the charts here for copyright reasons) They also have list of the worst places to buy foreclosures in 2013.
How to Buy and Flip Foreclosures
So if the foreclosure market in Baltimore is strong, how do you best take advantage of it? I make my living flipping tax lien foreclosures. There is plenty of information on that in the tax lien section of my site. If you want to learn how to invest in Bank foreclosures the best person I know is Steph Davis. In Fact she is known as REO Steph. (REO is short for Real Estate Owned or bank owned)
Steph was a broke bartender who hated her job. She struggled for some time before she figured out the real estate business and went on the crack the code of how to profit from bank owned properties.
Yes I am pitching her course and yes I will make a small commission for selling it. You know, I am somewhat anti Guru. Oh yes I have spent a ton of money on those courses myself. You know what I have found – The cheapest courses are often the best. Courses can go for thousands even tens of thousands of dollars. But some of the very best are under $500. That’s why I recommend Stephs course. It’s only about 50 bucks. You can get Stephs course of REO investing here.
Happy Investing, - Ned