Everything’s better in 2010. Obama’s wild spending mania worked and we’re all headed to the land of fuzzy bunnies and happy endings. Not so fast. Real estate owned (REO) and foreclosure sales still make up a troublesome percentage of all property sales. Housing numbers in many markets this year look pretty horrendous, though perhaps not quite so bad as last year. Are you ready? Here goes.
REO/foreclosure sales increased from 19% to 22% in January, which isn’t impressive but at least is down from the 27% number of January 2009. In the largest 25 markets, Riverside, California, led the way with 62% distressed sales. Las Vegas (59%) and Sacramento (58%) are the next two ugly markets. Florida boasts the top ten markets for foreclosures, with Orlando and Cape Coral leading the charge towards oblivion.
The big number to pay attention to is the 29% of all home sales in January which were distressed in some way. Recovery in progress? We don’t completely care one way or the other. At Creating Wealth, these numbers are all nice to talk about but the bottom line is there is still money to be made investing in real estate. The trick is to avoid the markets that make the news in these kinds of reports.
Focus on the markets that are flying under the radar and making real estate investors wealthy right now. Today. Go to http:www.jasonhartman.com right now and we’ll tell you where they are.
The Creating Wealth Team
