The Ten Biggest Foreclosure Markets

As wrenching as it has been for many, the collapse of the U.S.

As wrenching as it has been for many, the collapse of the U.S. housing market has created an upside for buyers of distressed properties. Foreclosed homes are selling for one-third less, on average, than “normal” homes on the market, according to the latest quarterly data from RealtyTrac, which follows public foreclosure filings. Here are the 10 metropolitan areas with the largest number of foreclosures.

As the economy slowly recovers, the number of homeowners falling delinquent on their mortgage payments is falling. But more foreclosures will be coming to market in 2011 as lenders work through their inventory of properties, many still tied up in legal wrangling. So far, lenders have repossessed fewer than half of the foreclosures in major U.S. cities. Plenty more homes will eventually hit the market. This will offer more buying oppurtinities for residential buyers and investors alike.

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By Patricia Mertz Esswein January 2011

Sources: RealtyTrac, Fiserv Case-Shiller, National Association of Realtors, Bureau of Labor Statistics,