Report: Sacramento, Stockton Worst Places To Buy Foreclosures
By
Steve Milne
Thursday, January 31, 2013
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If you’re thinking about purchasing a foreclosed home this year, Northern California is among the worst places to buy. That’s according to a new report.
Foreclosure listing service RealtyTrac's list of 20 "Worst Places to Buy Foreclosures in 2013" includes Sacramento, Stockton and Modesto. And that's a good thing if you already own a home in those markets…
"…because it means that there are going to be fewer foreclosures to compete against if you're needing to sell your home."
RealtyTrac's Daren Blomquist says it also means the value of
your home is increasing.
Blomquist explains the rankings factor in the average discount
a buyer would get on a foreclosure and the pace of foreclosure
activity…which are both on the decline in Northern
California.
"The markets where we're seeing an influx of foreclosure
supply are those markets where we think it'll be better from the
buyer's perspective to purchase a foreclosure in 2013."
Those markets include five cities in Florida and five cities
in New York…they're among RealtyTrac's top 20 best places to buy a
foreclosure this year.