These are the Hot Markets to Shop for Foreclosed Homes in 2019

by Ben SanfordFebruary 13, 2019

5 Places to Find Great Deals on Foreclosed Homes

With home prices on the rise, finding affordable homes to shop among isn’t as easy as it once was. For many, purchasing a home that was recently foreclosed is the perfect solution because these homes are often sold for what is still owed to the bank.

At the end of the day, banks don’t want to be in the real estate business. So, when a home is foreclosed, the bank wants to get it off its hands as quickly as possible. This means you can get a home you otherwise may not have been able to afford for a price that you certainly can.

Even though foreclosures dropped in 2018, there were still a lot of them out there on the market. This means you’ll have plenty of properties to consider if you’re looking to buy this year. To help you in your search, here are five of the hottest markets to shop for foreclosed homes in 2019.

buying a foreclosure

Chicago, Illinois

Chicago is one of the country’s biggest cities and it’s filled with opportunities. But unfortunately, it is also the city with the most foreclosure filings. It was one of the hardest-hit cities during the real estate crash of the 2000s and it still hasn’t fully recovered. As of the mid-point of 2018, Chicago had 5,148 homes filed for foreclosure.

Philadelphia, Pennsylvania

If you’re looking for foreclosures, then you’ll find plenty to love in the City of Brotherly Love. Philadelphia had the second-highest number of foreclosure filings as of mid-2018 with 3,578 homes filing. But, if you look at the percentage of homes in foreclosure, Philadelphia actually tops the list. Whereas Chicago had one-half of one percent of its homes in foreclosure in the first half of 2018, Philadelphia had six-tenths of its homes in foreclosure.

buying a foreclosure

Cleveland, Ohio

At the mid-point of 2018, Cleveland had 3,208 foreclosure filings. But the bigger picture is the fact that since 2017, the number of filings in Cleveland has jumped by nearly 24%. With Cleveland undergoing a sort of renaissance movement, 2019 is going to be the perfect time to invest in real estate because things are expected to turn around for Cleveland any day now.

Miami, Florida

From 2017 to 2018, foreclosures in Miami jumped by 29%. As of the mid-point of last year, there were 2,801 foreclosure filings. In many ways, Miami is really just a victim of its own expensive real estate market and low median income. In Miami, it is not uncommon for people to leave their homes after a hurricane simply because they can’t afford to repair the damages.

buying a foreclosure

Houston, Texas

Houston had 2,707 filings as of mid-2018, and this was a jump of nearly 9.5% from the year prior. Houston’s spike in foreclosures is being attributed to the damage caused by hurricane-induced flooding after the city was hit with Hurricane Harvey in 2017. Houston also had the distinction of being home to the most expensive foreclosure in the country at $9.75 million.

Don’t wait until spring to start looking for your summer contractor. Most construction companies worth their value will already have summer projects booked by then! Start early, start now. Do your due diligence and get the contractor you want to do your project. You will enjoy a smoother renovation and an easier summer by planning for it now.

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About The Author
Ben Sanford
Ben is a real estate agent and freelance writer. He's lived on the east coast his entire life and is just as "at home" on a snowboard as he is in the office. When not writing about local real estate markets and researching hot new tips for homeowners, he can be found working on his home renovation projects with help from his wife Melissa and their kids, Josh and Cheyenne.