Top 5 Markets For Great Real Estate Deals

Last Updated Apr 26, 2011 9:15 PM EDT

If you want a great real estate deal, you ought to look in places where distressed sales (short-sales and foreclosures) count for at least half of all the sales in a particular real estate market.

According to the inaugural U.S. Housing and Mortgage Trends report from CoreLogic, these five markets offered the largest percentage of distressed home sales in June, 2010:
  1. Las Vegas, Nevada, where 61 percent of all real estate sales were distressed property
  2. Riverside, California, 59 percent of real estate sales were distressed
  3. Phoenix, Arizona, 53 percent of real estate sales were distressed
  4. Sacramento, California, 51 percent of real estate sales were distressed
  5. Orlando, Florida, 50 percent of real estate sales were distressed
The report explains that distressed sales were at a seven-month low in June, thanks to the end of the home buyer tax credits. However, distressed sales as a share of total real estate sales are expected to rise during the rest of this year. And, that means better deals for home buyers and investors.

What else will help home buyers and investors? According to the press release accompanying the report:
"Negative equity rates will also be a major factor slowing the housing recovery, with nearly one in four homeowners under water and most of those borrowers unable to sell their homes."
And of course, today's news from RealtyTrac is that foreclosures have reached a new record for the third time in five months.

There could be as many as 12 million more foreclosures coming down the pipeline over the next few years.

Buyers, get your down payments ready - great real estate deals abound in every market.

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.
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    Ilyce R. Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts "Expert Real Estate Tips," a Internet video show. She owns ThinkGlink.com as well as Think Glink Media, a privately held company that provides consulting, content and video services to companies and non-profit organizations.

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