10 States Where You Can Get Hot Deals On Foreclosed Homes

Mount Rainer, Tacoma

Photo: Wikimedia Commons

Many have pointed to rising home prices, declining inventory, and a pick-up in demand as signs of a latent housing recovery.But over a million homes had foreclosure filings in the first half of the year. While foreclosure sales sometimes involve homes that are dilapidated because they’ve been abandoned for so long, sometimes you can just get a steal.

We drew on RealtyTrac’s latest foreclosure report and picked the 10 states with the highest foreclosure savings rates in June.

Note: Savings are measured by comparing average sales prices with average foreclosure sales price.

South Carolina

Foreclosure savings:
32%

Avg. foreclosure sales price:
$115,638

Worst county:
Dorchester

1 in every 581 housing units received a foreclosure filing in June 2012

Source: RealtyTrac

California

Foreclosure savings:
33%

Avg. foreclosure sales price:
$252,333

Worst county:
San Joaquin

1 in every 288 housing units received a foreclosure filing in June 2012

Source: RealtyTrac


Tennessee

Foreclosure savings:
34%

Avg. foreclosure sales price:
$100,094

Worst county:
Bedford

1 in every 1,120 housing units received a foreclosure filing in June 2012

Source: RealtyTrac

New Jersey

Foreclosure savings:
35%

Avg. foreclosure sales price:
$233,694

Worst county:
Camden

1 in every 2,125 housing units received a foreclosure filing in June 2012

Source: RealtyTrac


Washington

Foreclosure savings:
38%

Avg. foreclosure sales price:
$191,534

Worst county:
Clark

1 in every 1,249 housing units received a foreclosure filing in June 2012

Source: RealtyTrac

Ohio

Foreclosure savings:
39%

Avg. foreclosure sales price:
$74,049

Worst county:
Clermont

1 in every 508 housing units received a foreclosure filing in June 2012

Source: RealtyTrac



New York

Foreclosure savings:
40%

Avg. foreclosure sales price:
$339,999

Worst county:
Rensselaer

1 in every 3,023 housing units received a foreclosure filing in June 2012

Source: RealtyTrac



Illinois

Foreclosure savings:
43%

Avg. foreclosure sales price:
$129,752

Worst county:
Mchenry

1 in every 355 housing units received a foreclosure filing in June 2012

Source: RealtyTrac

Wisconsin

Foreclosure savings:
44%

Avg. foreclosure sales price:
$105,556

Worst county:
Racine

1 in every 609 housing units received a foreclosure filing in June 2012

Source: RealtyTrac



Louisiana

Foreclosure savings:
53%

Avg. foreclosure sales price:
$100,172

Worst county:
Saint Tammany

1 in every 1,221 housing units received a foreclosure filing in June 2012

Source: RealtyTrac

Now take a look at states where homeowners are drowning in negative equity...

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