homes http://www.wisebread.com/taxonomy/term/9584/all en-US Do You Live In One Of America’s Most Foreclosure-Ridden Towns? http://www.wisebread.com/do-you-live-in-one-of-americas-most-foreclosure-ridden-towns <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/do-you-live-in-one-of-americas-most-foreclosure-ridden-towns" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/3189812973_77e29f6bcb_b.jpg" alt="Foreclosure" title="Foreclosure" class="imagecache imagecache-250w" width="250" height="211" /></a> </div> </div> </div> <p>I&rsquo;ve seen several houses in my area go into foreclosure over the last 12 months. The economy and over-inflated housing prices, coupled with predatory lenders and some very bad decision-making, have turned something that was once quite rare into a full-blown epidemic. But some places are having it worse than others; much worse. Do you live in one of those unfortunate towns? You're about to find out.</p> <p><a href="http://www.forbes.com/2009/04/21/foreclosure-mortgage-homes-lifestyle-real-estate-foreclosed-homes.html">Forbes.com</a> has been working with a company called <a href="http://www.realtytrac.com/">RealtyTrac</a> (based in Irvine, California) to determine which towns in America have been in the hardest by the foreclosure crisis. This, from Forbes.com:</p> <p>&ldquo;RealtyTrac&hellip;provided us data for homes that are currently in foreclosure or are bank-owned. To determine the country's hardest hit areas, we measured every region under 100,000; these include areas classified as cities, towns, boroughs, Census-designated places and townships. We elected to call these &quot;towns,&quot; as they reflect a smaller regions than a metropolitan statistical area--geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics. These are typically larger groups of regions with a city core.</p> <p>Unlike a large city, which might have massive foreclosure problems in one area, but is sizable enough that other parts of town are immune, these towns are far less resilient. <br /> The results shocked even me, someone with more than a streak of pessimism coursing through my veins.&rdquo;</p> <p>Not surprisingly, towns in California were prevalent in the list, although the top spot for foreclosures actually goes to a small town in Arizona. If you live in one of these 20 towns on the list, that means both good and bad news. Obviously, if you&rsquo;re a homeowner in one of the following areas, this is&nbsp; pretty crappy for you. Foreclosures directly impact the price of your own home, and even if you&rsquo;re not planning to sell yet, it makes it very hard to even get a refinance or loan modification.</p> <p>However, if you&rsquo;re in the market for a deal and live near (or in) one of these towns, then you could find yourself some real bargains. Properties in foreclosure can be picked up at a steal. It&rsquo;s a shame you&rsquo;ll be making good on someone else&rsquo;s misfortune, but this economy is one huge double-edged sword. </p> <p>Here&rsquo;s the top 20 list in reverse order:</p> <p><strong>20. Tracy, Calif.</strong><br /> People per foreclosure: 110<br /> Population: 81,000<br /> Properties in foreclosure: 610<br /> Properties fully bank-owned: 133</p> <p><strong>19. Hesperia, Calif.</strong><br /> People per foreclosure: 102<br /> Population: 80,000<br /> Properties in foreclosure: 710<br /> Properties fully bank-owned: 85</p> <p><strong>18. Los Banos, Calif.</strong><br /> People per foreclosure: 92<br /> Population: 35,000<br /> Properties in foreclosure: 293<br /> Properties fully bank-owned: 87</p> <p><strong>17. Lake Elsinore, Calif.</strong><br /> People per foreclosure: 88<br /> Population: 49,000<br /> Properties in foreclosure: 476<br /> Properties fully bank-owned: 90</p> <p><strong>16. Fernley, Nev.</strong><br /> People per foreclosure: 87<br /> Population: 12,500<br /> Properties in foreclosure: 101<br /> Properties fully bank-owned: 45</p> <p><strong>15. San Jacinto, Calif.</strong><br /> People per foreclosure: 85<br /> Population: 34,000<br /> Properties in foreclosure: 328<br /> Properties fully bank-owned: 80</p> <p><strong>14. Lathrop, Calif.</strong><br /> People per foreclosure: 82<br /> Population: 17,500<br /> Properties in foreclosure: 167<br /> Properties fully bank-owned: 45</p> <p><strong>13. Adelanto, Calif.</strong><br /> People per foreclosure: 80<br /> Population: 27,500<br /> Properties in foreclosure: 285<br /> Properties fully bank-owned: 58<br /> <strong><br /> 12. Patterson, Calif.</strong><br /> People per foreclosure: 80<br /> Population: 18,000<br /> Properties in foreclosure: 176<br /> Properties fully bank-owned: 49<br /> <strong><br /> 11. Maricopa, Ariz.</strong><br /> People per foreclosure: 76<br /> Population: 37,000<br /> Properties in foreclosure: 315<br /> Properties fully bank-owned: 180<br /> <strong><br /> 10. Heber, Calif.</strong><br /> People per foreclosure: 74<br /> Population: 4,000<br /> Properties in foreclosure: 45<br /> Properties fully bank-owned: 10</p> <p><strong>9. Perris, Calif.</strong><br /> People per foreclosure: 70<br /> Population: 53,000<br /> Properties in foreclosure: 657<br /> Properties fully bank-owned: 108</p> <p><strong>8. Buckeye, Ariz.</strong><br /> People per foreclosure: 61<br /> Population: 29,000<br /> Properties in foreclosure: 314<br /> Properties fully bank-owned: 168</p> <p><strong>7. Olivehurst, Calif.</strong><br /> People per foreclosure: 61<br /> Population: 11,000<br /> Properties in foreclosure: 128<br /> Properties fully bank-owned: 53</p> <p><strong>6. Fairburn, Ga.</strong><br /> People per foreclosure: 57<br /> Population: 8,500<br /> Properties in foreclosure: 75<br /> Properties fully bank-owned: 75</p> <p><strong>5. Parrish, Fla.</strong><br /> People per foreclosure: 54<br /> Population: 6,900<br /> Properties in foreclosure: 126<br /> Properties fully bank-owned: 2</p> <p><strong>4. Lehigh Acres, Fla.</strong><br /> People per foreclosure: 50<br /> Population: 67,000<br /> Properties in foreclosure: 1099<br /> Properties fully bank-owned: 251</p> <p><strong>3. Litchfield Park, Calif.</strong><br /> People per foreclosure: 44<br /> Population: 5,500<br /> Properties in foreclosure: 82<br /> Properties fully bank-owned: 43</p> <p><strong>2. Tolleson, Ariz.</strong><br /> People per foreclosure: 27<br /> Population: 6,800<br /> Properties in foreclosure: 188<br /> Properties fully bank-owned: 61<br /> &nbsp;</p> <p><u>and now, the NUMBER&nbsp;ONE town in America for foreclosures...</u></p> <p> <strong>1. Queen Creek, Ariz.</strong><br /> People per foreclosure: 25<br /> Population: 20,500<br /> Properties in foreclosure: 533<br /> Properties fully bank-owned: 302<br /> &nbsp;</p> <p>If you do happen to live in Queen Creek, Arizona, please write and tell us how this is affecting you.</p> <p> Source: <a href="http://www.forbes.com/2009/04/21/foreclosure-mortgage-homes-lifestyle-real-estate-foreclosed-homes.html">Forbes.com</a></p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/do-you-live-in-one-of-americas-most-foreclosure-ridden-towns">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-does-the-fannie-mae-and-freddie-mac-bailout-affect-you">How does the Fannie Mae and Freddie Mac bailout affect you?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-paying-off-your-mortgage-early-costing-you-money">Is Paying Off Your Mortgage Early Costing You Money?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-skip-a-mortgage-payment-to-get-a-banks-attention">Should you skip a mortgage payment to get a bank&#039;s attention?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/will-house-prices-keep-dropping">Will house prices keep dropping?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-the-last-person-to-leave-america-please-turn-out-the-light">Could the last person to leave America please turn out the light.</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Consumer Affairs Investment Real Estate and Housing bank Economy homes house prices repossession Thu, 23 Apr 2009 20:40:28 +0000 Paul Michael 3080 at http://www.wisebread.com Are $1 homes worth buying? http://www.wisebread.com/are-1-homes-worth-buying <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/are-1-homes-worth-buying" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/dollar.jpg" alt="dollar bill" title="Dollar Bill" class="imagecache imagecache-250w" width="250" height="189" /></a> </div> </div> </div> <p>This week a story from The Detroit News reported that homes are being listed in Detroit for $1. One particular $1 home sold for cash after being on the market for 19 days. The buyer seems to have gotten the deal of a lifetime, but did she?</p> <p>As detailed in <a href="http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&amp;imw=Y" target="_blank">the article</a> , the buyer will need to sink in a considerable amount of money to rehab the home to a livable state because everything of value including the kitchen sink have been stripped and stolen from the house. Even if she rehabs the home, as long as it stays vacant looters will steal whatever she puts in. Additionally, she will owe $3900 on the property taxes unless she challenges the assessment. Basically, that $1 purchase could very well turn into a very large money pit.</p> <p>One dollar homes are not exactly unique to Detroit. The Department of Housing and Urban Development or HUD for short regularly sells homes for $1 each to local governments through their <a href="http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm">Dollar Homes program</a> . The local government is responsible for rehabbing the homes and reselling them to moderate and low income families. So once again, a $1 home costs much more than $1 for the buyer.</p> <p>Another interesting place to buy $1 homes is Norfolk, MA. The town regularly <a href="http://www.virtualnorfolk.org/public_documents/norfolkma_historical/$1">sells historic homes </a> slated for demolition for $1. The catch is that if you buy the home you do not buy the land underneath it and you are required to move the home. It generally costs $10000 or more to move an entire home, but if you already have a plot of land it might not be such a bad deal. For those who do not have land, some homes might have antique finishings and raw materials that can be salvaged. </p> <p>Looking at all the options, it seems that even though these homes are 99.99% discounted they may not be such a good deal for most people. However, they might be a steal for those who have the time and resources to either salvage the raw materials or rehab them for future profit. One thing is clear, $1 homes never really cost just $1 and buyers should always be wary of anything that is extraordinarily cheap.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/are-1-homes-worth-buying">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/seller-concessions-and-buyer-bargains-what-to-ask-for-in-the-current-real-estate-market">Seller concessions and buyer bargains - What to ask for in the current real estate market.</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/do-not-buy-something-just-because-you-can-afford-it">Do not buy something just because you can afford it</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chinese-money-habits-how-my-culture-influences-my-attitudes-toward-money">Chinese Money Habits - How My Culture Influences My Attitudes Toward Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-skip-a-mortgage-payment-to-get-a-banks-attention">Should you skip a mortgage payment to get a bank&#039;s attention?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/making-home-affordable-expanded-again-borrowers-allowed-to-refinance-loans-up-to-125-percent-of-valu">Making Home Affordable expanded again - borrowers allowed to refinance loans up to 125 percent of value</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance General Tips Real Estate and Housing $1 deal foreclosures homes real estate Fri, 15 Aug 2008 01:43:17 +0000 Xin Lu 2332 at http://www.wisebread.com