New Foreclosure Hotspots emerging in the housing market
You can find from the foreclosure report published by authentic real estate sites for February 2010 that apart from the old ones – Las Vegas; Phoenix; Los Angeles and Tampa Bay – there are new “Hotspots” emerging in foreclosure activity.
They are – Boise – the most populous and capital city of the State Idaho; Fayetteville – (formerly Washington) of Arkansas; Portland – the most environment-friendly green city of Oregon; Seattle – the largest city and seaport of Washington State; and Virginia Beach – one of the seven cities of Hampton Roads and the largest city of Virginia State.
If you see them individually, these cities have the same pattern in foreclosure activity trends as the old ones. They have emerged as Hotbeds for turning out foreclosure filings in large numbers due to delinquencies rising fast compared to other cities.
Boise, Idaho: According to 2008 Census this city has a population of 205,314. As headquarters for several major companies, employment potential in high-tech industries and technology investment companies, Boise ranked #3 in studies for business and career opportunities. As on date 3,633 properties are in foreclosure distress sale listing.
Fayetteville, Arkansas: With an estimated population of 73,372, this city ranked 8th in Forbes Magazine’s Top 10 Best Places in America for Business and Careers and also one of the “Best Cities to Work, Live and Play” in Kiplinger’s list 2008. 1,687 properties are lying unsold under various stages of foreclosure.
Portland, Oregon: As per July 2009 estimate 582,130 people live in this city, rated as 3rd safest in the US by Forbes Magazine. In 2007, the legislature amended the “urban growth boundary” law to provide for 50 years of growth in development of the city. 6,784 properties are facing foreclosure sales.
Seattle, Washington: In April 2009, the estimated municipal population was 602,000, in this economic, cultural and educational centre of King County region. With an increasingly diverse economy, the housing market of Seattle has not seen drop in value of housing properties in recent years. 2018 properties as on date are available under foreclosure listings.
Virginia Beach, Virginia: This popular resort city has a population of 440,415 and is listed in Guinness Book of Records as having the longest pleasure beach in the world. 4,422 distress sale properties are listed and waiting for buyers.
About This Post
