Published: September 1, 2010 on The Commercial AppealBy: Tom Baily Jr.
A foreclosure-listing service has rated Memphis as the nation’s No. 1 place to find a foreclosure bargain, but Jim Reedy started mining that gold here hundreds of houses ago.
On Tuesday, RealtyTrac ranked Memphis first among five metro areas where discounts on distressed properties average at least 35 percent, median home prices have risen year-over-year and the unemployment rate is relatively stable compared to national and state averages.
The other areas highlighted by RealtyTrac were in and around Milwaukee; Buffalo, N.Y.; Cleveland and San Francisco.
“As the national economy continues to laboriously work its way back to prosperity in an uncertain future, the dynamics of local real estate markets continue to offer opportunities for investors to purchase properties at exceptional discounts,” RealtyTrac CEO James Saccio said in a prepared statement.
