Top Cities for Foreclosures

Top Ten Cities to BUY!

-Panama City, Florida (Bay County) - Researchers are predicting that Panama City Real Estate will increase by 72% over the next 5 years. The current median home price is $223,000, but in 5 years it is projected to be $383,000. Panama City has, in the past, not attracted the wealthy elite of Florida-the interstate bypasses the city, and the airport is not big enough to support anything but small planes. However, Panama City’s airport is growing (will be finished in 2008 with an estimated cost of $300 million), which means more visitors, and eventually, more buyers. Prices are still reasonably low (unlike the rest of Florida), which allows for a large increase in home prices over the next few years.

-Vero Beach, Florida (Indian River County) - Home prices are slated to increase in Vero Beach by 64% over the next 5 years. The average price of a house in Vero Beach is currently $235,000, but in 5 years the price should rise to $386,000. Vero Beach is very close to West Palm Beach, but boasts lower property taxes and a lower cost of living by 3%. A study done by Florida Atlantic University said that Indian River County and neighboring counties will need an estimated 154,000 more homes over the next 25 years to support the growing population. Besides the growing population, Vero Beach is one of the only affordable coastal cities left in the state.

-Bridgeport, Connecticut (Fairfield County) - As more businesses are leaving New York City for the surrounding suburbs, housing prices are starting to climb in cities in Connecticut. Bridgeport is the last place you would expect to find real estate that is undervalued, as it is just 20 miles up the coast from the ultra-elite Greenwich and Darien. In the past, -Bridgeport suffered from shady politics and crime, but the city is finally cleaning up its act. Because home prices are still much lower than surrounding suburbs that serve New York City ($280,000 compared to $840,000), many middle level management and workers are looking and moving to Bridgeport and taking advantage of the low prices. The current median home price in Bridgeport is $480,000, but in 5 years it is expected to rise 63% to $784,000, making buying in Bridgeport a great investment.

-Lakeland, Florida (Polk County) - Lakeland is just 30 minutes from the busy city of Tampa (with 2.7 million residents and expected to grow by another 210,000 over the next 5 years), and is one of the last undeveloped suburbs. Lakeland is surrounded by citrus groves, and is still growing-as are the prices. Lakeland’s median priced houses sell for less than a fifth of the national average, with the average home price at $178,000. In the next five years Lakeland’s home prices are expected to rise 59% with the median home price rising to $282,000. With the growth in Tampa, and the fact that the city sits on I4, Lakeland is expected to continue to grow for the next several years.

-McAllen, Texas (Hidalgo County) - McAllen sits right on the border of Texas and Mexico, and is currently experiencing a Hispanic baby boom. McAllen is 85% Latino, and that number will keep growing as the economy grows, and more Hispanics cross the border for better jobs and better pay. In addition to the new residents, the Hispanic population traditionally have bigger families (3.8 members compared to Caucasian’s 2.4 members), and many families will be needing to upgrade as their families grow. The current average home price is $70,000, but in 5 years that number is expected to rise 57% to $109,000.

-San Luis Obispo, California (San Luis Obispo County) - While most of the housing markets in California are slowing, San Luis Obispo stands out as one of the few exceptions. San Luis Obispo is in the middle of one of the last stretches of the rural California coastline, and for this reason, the demand for land in the town is growing. The price of the median home price has shot up 100% since 2000, and is expected to rise 43% over the next 5 years, increasing the median home price from $440,000 to $615,000. The proximity to the coastline, the town itself, and the current low house prices all show housing prices that will continue to rise over the next several years.

-Wilmington, North Carolina (New Hanover County) - Located on North Carolina’s beautiful coastline, Wilmington everything that one looks for in real estate. The city has beautiful weather, the beach, low house prices, great golf courses, natural beauty and is the place where many make their homes, as well as their vacation homes. Wilmington was isolated until 1990 when I40 opened, connecting it to the rest of the state, and prices have slowly been climbing ever since. Wilmington is the biggest city on North Carolina’s coast, and is probably just at the beginning of its housing boom. Wilmington has a seaport and airport, as well as one of the University of North Carolina’s campuses. Wilmington also boasts that Hollywood has filmed over 100 feature films on their coastline in the past 20 years….as well as being the setting for the teen drama, Dawson’s Creek. The natural beauty of the coastline and the small-town feel just cannot be beat. Home prices are currently sitting at an average of $217,000, and are expected to rise 37% in the next 5 years, bringing the median house price to $297,000.

-Manchester, New Hampshire (Hillsboro County) - One of the biggest draws to the community of Manchester is the proximity to Boston-who boasts one of the most expensive median home prices in the country. Manchester is in commuting distance to the city, but is also itself one of the biggest cities in New England. The average home price in Manchester is $226,000, but that price is expected to rise 35% in the next 5 years, making the median price $305,000. Now is a great time to buy in Manchester, for a few reasons. Appreciation rates have been dropping in Manchester, but are expected to quickly bounce back in mid to late 2007. Manchester will always be a growing community as commuters move farther out to get a better quality of life for less.

-Fort Collins, Colorado (Larimer County) -Fort Collins has been voted the “best of” several categories throughout the years. It has been voted “best place to live,” “best place to retire,” “best place to raise a family,” even the “best dream town.” Fort Collins boasts great schools, very low crime rates, and a good, growing economy. The nature element of Fort Collins should be another “best of” for the city-it has more than 40 parks, 60 miles of hiking trails, and easy access to golf courses, kayaking, camping, skiing, even whitewater rafting. Fort Collins is also the home to Colorado State University, which also increases housing prices. The current average house price is $196,000 and should rise 28% over the next 5 years to $251,000. Fort Collins always promises to top the “best of” lists, making it always a great place to buy.

-Atlanta, Georgia (Fulton County) -Atlanta has a population of more than 5 million people, and is one of the few major cities in the nation where the housing market is still growing. Bruce Katz of the Brookings Institute says that Atlanta is “sprawl on steroids.” Atlanta is expected to grow, mostly in the heart of the city, but commuters are always trying to find the better quality of life out of the busiest part of the city. The suburbs of Atlanta are growing almost as quickly as the city itself. I285 surrounds the city, and the land and houses inside the loop are most desired. The prices in the neighborhoods have skyrocketed over the past few years, forcing many to look outside the loop for more affordable living. In the surrounding suburbs which are growing the quickest, the average home price is $173,000, but in 5 years is predicted to rise 24% to make the average home price $214,000.

CurrentForeclosures.com has houses in each of these areas-foreclosures that will, the majority of the time, cost less than the average home price reported above. With a little work and renovations, these homes could be worth quite a bit more in the next few years! Check out these cities to make money off of foreclosures!