There was a time when foreclosures were not so common and it was pretty hard to find foreclosed homes in your local area. But, things are no longer the same as foreclosures are rising in the nation and following graph will help you understand this fact.
This chart, which is taken from Realestate.yahoo.com/Foreclosures, shows the overall foreclosure activities in the United States from Apr 08 to Oct 08. You can see that foreclosure activities were on an upsurge during this time period. A decrease in activity was sighted in Sep 08 but the graph started to rise again. This graph is to provide you with an idea about the current situation of foreclosures in US. But, when you will check the current state of Brooklyn foreclosures, you will find that things are not too different from rest of the country.
Just be spending some time on researching more about the Brooklyn foreclosures, you will realize that opportunities to invest in foreclosures are many. Following is the chart to help you comprehend the available foreclosures in different zip codes.
These are the opportunities to invest in foreclosures in Feb 2009. It is not hard to spot that there are more than enough options available in different zip codes to invest in. Also, it is crucial to mention that the prices for foreclosed homes are not too high especially when compared to property prices in other areas like Staten Island, Saint Albans, etc. In Brooklyn, it is not hard to find a home on Church St with three beds and one bath at the rate of $78,900. This rate is for a home of 1,256 square foot. Similarly, you can find a home in S. Rutland St at a rate not more than $74,900. These rates are enough to give you an idea about what to expect in real estate market of Brooklyn.
So, the bottom line is that you can find an opportunity to make an investment in Brooklyn foreclosures. But, you have to be extremely careful at the time of choosing a home. The area should also be considered in this regard especially if your ultimate desire is to earn money through this investment. Also, you must not restrict yourself to specific areas, in fact, it is better to check some other popular neighborhoods like Bay Ridge and Fort Hamilton, Brooklyn Heights, Bedford – Stuyvesant and Sheepshead Bay.
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Written by Alex Rolim.
