According to RealtyTrac, the online marketer of foreclosed properties, Cleveland was the hottest market among those looking to buy foreclosed homes during the last three months of 2012, with sales of bank-owned home soaring 141% year-over-year.
In the Cleveland area, the average foreclosed home sold for $57,782, a 56% discount to non-distressed properties.
Other areas of Ohio were also popular spots for snapping up foreclosed properties at deep discounts. Sales of bank-owned properties in Dayton rose 121% in the fourth quarter of 2012, selling for an average of $50,579, or 57% below market prices. Columbus was also a popular market for foreclosed home buying
Outside of Ohio, some of the hottest locales for purchasing foreclosed property included Charlotte, North Carolina, and Palm Bay, Florida.
Daren Blomquist, vice president at RealtyTrac, says that buying from the bank is one of the best options for homebuyers right now "because of increasing inventory, deeper discounts and shorter times to close."