Last Updated Apr 26, 2011 9:15 PM EDT
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:
- Las Vegas, Nevada, where 61 percent of all real estate sales were distressed property
- Riverside, California, 59 percent of real estate sales were distressed
- Phoenix, Arizona, 53 percent of real estate sales were distressed
- Sacramento, California, 51 percent of real estate sales were distressed
- Orlando, Florida, 50 percent of real estate sales were distressed
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.