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Where not to buy, unless you're seeking to buy properties headed towards foreclosure, there are locations where home prices have sunk.
The market has obviously changed in the past three years. Now, the cities below are areas to explore in terms of foreclosed homes or properties where the owner is very motivated to sell. It's all about how you look at the situation and then apply your strategy.
- Stockton, CA
- Merced, CA
- Reno, Sparks, NV
- Fresno, CA
- Vallejo/Fairfield, CA
- Las Vegas, NV
- Bakersfield, CA
- Sacramento, CA
- Washington, DC
- Tucson, AZ
From a 60 Minutes story:
Banks are auctioning off houses all over California and in South Florida, in Nevada, and in parts of Ohio and Texas, the result of a huge real estate bubble that began forming in Stockton back in 2003, when people priced out of the Bay Area and Silicon Valley discovered that you could buy a four-bedroom home there for just $230,000. Read more...
Source: Business 2.0 - New Rules of Real Estate
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