Despite recent negative information about the job market in the United States, a report issued last week shows the housing market is beginning to exhibit some signs of improvement. Because real estate investors can acquire distressed properties well below their actual market value – with savings ranging from 10 to 50 percent – the New York-based company says investors looking for large profit margins, particularly in some of the best investment markets, should act quickly.
Based on nationwide data, foreclosures in many of the top states for investors have dropped. For example, foreclosure rate in California is down by more than 3.5 percent and in Florida it’s fallen by nearly 2 percent. Arizona’s foreclosure rate slipped by almost 1.5 percent, while in Texas the rate dropped by just over 1 percent. In Georgia and Michigan, The largest drop recorded was in Nevada, which saw its foreclosure rate plummet by nearly 7.5 percent.
Many individual cities also saw notable decreases in their levels of foreclosures, including Salinas (-18 percent), Las Vegas (-9.5 percent), Chicago (-6 percent), Detroit (-4.3 percent), Atlanta (-3.2 percent), Phoenix (-1.6 percent), and Memphis (-1 percent).
Home prices in many states and some big cities have also started to creep upward, squeezing investors’ potential profit margins. There was an increase of less than a percentage point in the states of California, Georgia, and Texas, while prices rose by just over 1 percent in Florida and Michigan. Report found that housing prices are now averaging $64,000 in Ohio (the lowest in the country) and $343,000 in California (the nation’s highest average).
Price increases have been seen in several hot investment cities as well. The report shows in Miami and Orlando, property values are up 1.3 percent, and in Las Vegas they’ve risen 1 percent. In Phoenix, Atlanta, and San Diego, the company says prices have increased less than 1 percent, while in Denver they’ve jumped 2.3 percent. Foreclosurelistings.com reports the biggest leap in Ridgefield, Connecticut, where prices rose by more than 45 percent.
Based on nationwide data, foreclosures in many of the top states for investors have dropped. For example, foreclosure rate in California is down by more than 3.5 percent and in Florida it’s fallen by nearly 2 percent. Arizona’s foreclosure rate slipped by almost 1.5 percent, while in Texas the rate dropped by just over 1 percent. In Georgia and Michigan, The largest drop recorded was in Nevada, which saw its foreclosure rate plummet by nearly 7.5 percent.
Many individual cities also saw notable decreases in their levels of foreclosures, including Salinas (-18 percent), Las Vegas (-9.5 percent), Chicago (-6 percent), Detroit (-4.3 percent), Atlanta (-3.2 percent), Phoenix (-1.6 percent), and Memphis (-1 percent).
Home prices in many states and some big cities have also started to creep upward, squeezing investors’ potential profit margins. There was an increase of less than a percentage point in the states of California, Georgia, and Texas, while prices rose by just over 1 percent in Florida and Michigan. Report found that housing prices are now averaging $64,000 in Ohio (the lowest in the country) and $343,000 in California (the nation’s highest average).
Price increases have been seen in several hot investment cities as well. The report shows in Miami and Orlando, property values are up 1.3 percent, and in Las Vegas they’ve risen 1 percent. In Phoenix, Atlanta, and San Diego, the company says prices have increased less than 1 percent, while in Denver they’ve jumped 2.3 percent. Foreclosurelistings.com reports the biggest leap in Ridgefield, Connecticut, where prices rose by more than 45 percent.
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