Top 10 places to buy a foreclosed home

Here are the Top 10 metropolitan areas to buy a foreclosed home, according to RealtyTrac:

2. Rochester, N.Y. – 25 percent discount

Melanie Stetson Freeman/The Christian Science Monitor/File
Students from the College of Arts, Sciences and Engineering at the University of Rochester graduate at the Eastman Quadrangle in Rochester, N.Y, in 2011. The metro area has seen home prices rise slowly and still has a 78 months' supply of foreclosed homes.

From a fiscal point of view, the city of Rochester is hurting. The city faces a deficit (and a state cap on local property taxes makes it difficult to rely on taxes to bridge the gap). Its school system is heavily in the red; even its symphony is short of money.

But as a real estate market, the metro area may well be a great place to invest in foreclosures, according to RealtyTrac. Home prices are a third lower than in Albany and have risen only 4.3 percent over the past year, slower than in Albany, and at half the national rate, according to the NAR. And while foreclosures sell at less of a discount than Albany – 25 percent – Rochester sports a robust 78 months’ supply. 

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