California, Arizona, Florida, and Nevada continue to lead the U.S. in foreclosures, but California is showing preliminary signs of a turnaround.
The cities with the greatest number of foreclosures include Las Vegas NV, Merced, Calif., the Cape Coral-Fort Myers area in Florida, and the California metro areas of Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield. Phoenix AZ, Port St. Lucie FL, Greeley CO, and Boise City ID also had extremely high foreclosure rates.
If you are looking to buy investment properties in the United States you might want to consider narrowing your focus to a niche segment of the U.S. real estate market. The ‘kit home’ was an outgrowth of the Arts & Crafts aesthetic movement of the late 1800s and early part of the 20th century.
More on Buying Arts & Crafts Kit Homes As Investment Properties
According to a January 6, 2009 article at Bloomberg.com entitled No Recovery for Real Estate as Speculators Dominate Sales, the recent rise in sales of homes in the United States is due almost entirely real estate speculators who scoop up the properties at tax and foreclosure sales. Because these speculators do not plan to hold the homes any longer than they have to, this increase in sales is expected to delay a true recovery.
More on Speculators Account for Bulk of U.S. Real Estate Sales
