Finance

Sep 5 2017

5 cities where houses are still cheap #holiday #rentals #uk


#houses for cheap
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AnnaMariaAndriotis

Despite rising home prices in many markets, buyers can still find plenty of deals among foreclosures and other distressed properties.

Best of MarketWatch

Foreclosures and short sales, where homes sell for less than owners owe on their mortgages, accounted for 43% of residential sales last year, according to data released this week by RealtyTrac, a real-estate-data firm. Short-sale purchases increased 4% from a year prior, while sales of homes in pre-foreclosure — that is, in some stage of foreclosure before a home is repossessed — increased 6%.

Fueling these increases are big discounts for the taking. In many markets — including Chicago; Daytona Beach, Fla.; and Santa Barbara, Calif. — buyers were able to purchase distressed properties during the fourth quarter of 2012 at an average discount of 30% to 50% to what they’d pay for a regular, nondistressed home, according to RealtyTrac. In many cases, these discounts are available in markets where real-estate prices as a whole appear to have bottomed out, experts say.

Cheap finds come at a time when many buyers are facing a tightening housing market. Real-estate listings have been dropping, pushing up prices of regular homes in many markets. As a result, listing prices of regular homes have been picking up.

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