The foreclosure market

Many homebuyers see foreclosures as a chance to get a potential bargain. While this may have been true in 2010 when there were 2.8 million foreclosures, it’s not so true in 2024 as there have been fewer than 358,000.

Currently, Syracuse, NY and Allentown, PA have a 0.3% foreclosure rate – the highest in the United States. Also, Honolulu, HI and Buffalo NY are the only two metro areas where the current foreclosure rate is higher than before the pandemic.

Most foreclosures are bought by real estate investors who rehab and repair the property which is then sold or rented. Also, financing can be difficult as lenders are leary of offering loans on distressed.

So what may look like a bargain, probably isn’t.

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