10 Cities with the Biggest Foreclosure Discounts
Rents on single-family homes continue to soar, and it's causing some investors to remain on the hunt for where they can snag the best deal on their next investment. The data firm RealtyTrac recently pulled together a list of the 10 cities – with populations of 1 million or more – that offer the largest price discounts on bank-owned homes.
The following cities topped its list:
1. Pittsburgh
- Median sales price of bank-owned homes: $48,180
- Foreclosure discount: 63%
2. Milwaukee-Waukesha-West Allis, Wis.
- Median sales price of bank-owned homes: $72,900
- Foreclosure discount: 59%
3. Cleveland-Elyria, Ohio
- Median sales price of bank-owned homes: $47,900
- Foreclosure discount: 59%
4. Cincinnati
- Median sales price of bank-owned homes: $56,600
- Foreclosure discount: 58%
5. Memphis, Tenn.
- Median sales price of bank-owned homes: $52,000
- Foreclosure discount: 58%
6. Birmingham-Hoover, Ala.
- Median sales price of bank-owned homes: $64,000
- Foreclosure discount: 56%
7. Detroit-Warren-Dearborn, Mich.
- Median sales price of bank-owned homes: $58,000
- Foreclosure discount: 55%
8. Columbus, Ohio
- Median sales price of bank-owned homes: $68,788
- Foreclosure discount: 55%
9. Philadelphia-Camden, N.J.-Wilmington, Del.
- Median sales price of bank-owned homes: $91,000
- Foreclosure discount: 54%
10. St. Louis
- Median sales price of bank-owned homes: $70,246
- Foreclosure discount (compared to overall median sales price): 53%
Source: “Top 10 Cities for Foreclosure Discounts,” National Real Estate Investor (March 28, 2016)
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