If you’re looking to purchase some foreclosed-on property, look no further than the Capital Region.
A California-based firm that tracks foreclosures nationwide is reporting that the Albany-Schenectady-Troy metropolitan area is among the top 20 best areas in the nation to buy foreclosures this year. In fact, the region ranked third behind Palm Bay, Fla., and Rochester.
“Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble,” said RealtyTrac Vice President Daren Blomquist. “Meanwhile, the underlying fundamentals in many of those markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year — and that is particularly good news for buyers and investors hungry for more inventory to purchase in those markets.”
RealtyTrac scored metro areas that had a population of 500,000 or more by adding the following four numbers: a months’ supply of foreclosure inventory, the percentage of foreclosure sales, foreclosure discount and percentage increase in foreclosure activity in 2012.
Syracuse, Poughkeepsie and New York City also landed in the top 20 best cities to purchase foreclosures. The RealtyTrac report explained the prevalence of New York cities on the list as likely due to the big backlogs of foreclosure inventory and big increases in foreclosure activity in those places last year.
The Albany-Schenectady-Troy metropolitan area has 86 months of foreclosure inventory, with foreclosures accounting for 3.17 percent of all sales and an average discount of 35.08 percent on foreclosed properties. Foreclosure activity in the region increased more than 107 percent last year, according to the report.