Cleveland Named the Hot Spot To Buy Foreclosed Homes by RealtyTrac

The best place to buy foreclosed property is Cleveland, Ohio, according to RealtyTrac.

The company which lists foreclosures among other properties found Cleveland was selling off the charts. Homeowners flocked to the city to buy foreclosed homes between October and December of of 2012. 

Sales were up 141 percent year after year in the region, reported The Cleveland Lead. Compared to the non-distraught estates, the foreclosed homes sold for 56 percent less-averaging $57,782 per home. That's not only driving the housing market, but making it more affordable for interested home buyers.

Surrounding Cleveland locations like Dayton and the highly-populated capital of Columbus also caught the attention of homebuyers. The hot spots were an easy snag of foreclosed estates on the cheap.

According to The Lead, the bank-owned homes in Dayton increased sales by 121 percent in the last quarter, with average prices of homes going for $50,579, making it 57 percent less than the market prices.

If you're interested in properties outside the Ohio state, RealtyTrac found foreclosed properties can be picked up on a friendlier budget in Charlotte, N.C., and Palm Bay, Fla.

Vice President of RealtyTrac Daren Blomquist, told The Lead that buying homes from banks are currently among the best options in this housing climate "because of increasing inventory, deeper discounts and shorter times to close."

But like every transaction, prospective buyers should be cautious. Defaulting on mortgage loans or losing track of basic maintenance of the home could damage the infrastructure. Some of the homes could likely be in poor condition from previous owners who left unwillingly and on a troubled note inflicted damage on property.

A Memphis mansion was broken into by squatters because it was left empty for nearly two years. Similarities can be drawn to one-family homes that remain empty and incur damage from uninvited visitors.