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Where the Subprime Mess Has Created Buying Opportunities
Tuesday, April 8, 2008
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The U.S. housing market is not pretty for homeowners but for those looking to buy a home the meltdown has created opportunity.
We asked RealtyTrac, a real estate tracking Web site, to compile data for MainStreet of the top metropolitan statistical areas and cities experiencing the highest volume of foreclosures in February. We took the figures and compared them to figures from the Bureau of Labor and Statistics, and picked five cities with high foreclosures rates that managed to have an unemployment rate below the 4.8% average rate in February for the United States.
Here are MainStreet’s top five buying opportunities* :
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More from MainStreet.com:
• How to Protect Yourself From Foreclosure • How Michael Jackson Saved Neverland • What If You Lose Your Home? |
DENVER/AURORA (COLO.)
A 4.7% unemployment rate allows this city to slink on to the chart. While 1 out of 212 homes are under foreclosure here, the median household income of more than $51,000 shows this location has more to offer than Rocky Mountain oysters, also known as bull testicles.
MEDIAN HOME PRICE: $245,400
FORT LAUDERDALE (FLA)
This Florida town has 1 out of 167 homes were experiencing foreclosure. The 4.1% unemployment rate is good but may grow even better now that Owen Wilson is slated to film his new movie in the town.
MEDIAN HOME PRICE: $365,500
MIAMI (FLA)
Take this city known for its sun, sand, beaches and retirement communities, add a low 4.1% unemployment rate and you'll have a great reason to buy. Foreclosures are at 1 out of 204 homes.
MEDIAN HOME PRICE: $365,000
ORLANDO (FLA)
The home of Disney World offers more than a visit to Cinderella's castle. This city ranked 18th overall in metro areas experiencing the highest volume of foreclosures—1 out 225 homes are in the stages of foreclosure—but we included it in our list of desirable buying opportunities because of its 4.5% unemployment rate.
MEDIAN HOME PRICE: $261,300
PHOENIX/MESA (ARIZ)
With an unemployment rate of 4.0%, fewer Americans in this community may be frightened about job loss. This desert town is one of the country’s largest metro areas, and is home base to three Fortune 1000 companies.
MEDIAN HOME PRICE: $257,400
*The criteria for buying opportunities are based on high foreclosure rates, and a low unemployment rate.
**The Median Home Price is based on single family home sales for 2007 from the National Association of Realtors (www.realtor.org).
***The lastest Metro Area labor data is from January 2008.
Rates
See today's average rates across the country.
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Loan Type Today Last Week 30 Year Fixed 5.13% 5.16% 15 Year Fixed 4.70% 4.60% 1 Year ARM 3.98% 4.00% 30 Year Fixed Jumbo 6.06% 6.10% 5/1 ARM 4.30% 4.26% 3/1 ARM 4.75% 4.80% Source: Bankrate -
Loan Type Today Last Week $30K Home Equity Loan 8.35% 8.39% $50K Home Equity Loan 8.36% 8.41% $75K Home Equity Loan 8.39% 8.44% $30K HELOC 5.24% 5.26% $50K HELOC 4.99% 5.00% $75K HELOC 4.99% 5.00% Source: Bankrate -
Loan Type Today Last Week 36 Month New Car Loan 6.90% 6.96% 48 Month New Car Loan 7.05% 7.12% 60 Month New Car Loan 7.11% 7.18% 36 Month Used Car Loan 7.39% 7.43% 48 Month Used Car Loan 7.50% 7.51% Source: Bankrate -
Card Type Today Last Week Business Credit Cards 9.69% 9.69% Low Interest Credit Cards 11.91% 11.91% Cash Back Credit Cards 12.36% 12.36% Reward Credit Cards 12.85% 12.85% Instant Approval Credit Cards 13.32% 13.32% Balance Transfer Credit Cards 13.46% 13.46% Source: CreditCards.com
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