THE BIG FINISH
WRAP YOUR HEAD AROUND THE MARKET'S LEADING INDICATORS
96
WHERE ARE THE REO HOTSPOTS?
Although real estate owned (REO) properties have declined as a portion of the market as the economy has recovered and
foreclosure volumes have diminished, some markets have remained hotspots for REO purchase, renovation, and resale. Online real
estate marketing platform Hubzu ranked the top 20 U.S. metropolitan statistical areas (MSAs) by the percentage of REO homes bought
and sold during 2017, as well as identified the average number of days a listing is on market and the average difference between
purchase and sale prices.
The results reveal that the South dominated when it came to REO last year, while Ohio and California stood out as the top state-level
performers. Below are the top 20 REO markets, according to Hubzu.
RANK MSA
PERCENT OF REO
PROPERTIES BOUGHT AND
SOLD WITHIN 2017
AVERAGE NUMBER OF
DAYS ON MARKET POST
RENOVATION
AVERAGE DIFFERENCE
BETWEEN REO PURCHASE
PRICE AND PROPERTY SALE
1 HUNTSVILLE, ALABAMA 38.14% 88 $6,593
2 CLARKSVILLE, TENNESSEE-KENTUCKY 34.25% 65 $3,595
3 GAINESVILLE, FLORIDA 30.22% 72 $48,528
4 PENSACOLA-FERRY PASS-BRENT, FLORIDA 28.11% 76 $29,201
5 LIMA, OHIO 26.83% 70 $12,705
6 CINCINNATI, OHIO-KENTUCKY-INDIANA 22.76% 72 $28,999
7 LAS VEGAS-HENDERSON-PARADISE, NEVADA 22.75% 62 $58,530
8 AKRON, OHIO 21.03% 68 $2,191
9 MODESTO, CALIFORNIA 20.93% 51 $66,530
10 LEXINGTON-FAYETTE, KENTUCKY 20.72% 76 $16,769
11 ELIZABETHTOWN-FORT KNOX, KENTUCKY 20.67% 72 $37,127
12
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VIRGINIA-NORTH CAROLINA
19.69% 76 $44,951
13 VISALIA-PORTERVILLE, CALIFORNIA 18.95% 78 $51,332
14 JACKSONVILLE, FLORIDA 18.50% 86 $38,152
15 RENO, NEVADA 18.31% 66 $57,270
16 COLUMBUS, OHIO 18.16% 62 $38,948
17 OXNARD-THOUSAND OAKS-VENTURA, CALIFORNIA 18.12% 68 $117,305
18 SAN DIEGO-CARLSBAD, CALIFORNIA 17.45% 58 $109,973
19 GREEN BAY, WISCONSIN 17.36% 65 $38,398
20 YORK-HANOVER, PENNSYLVANIA 16.99% 66 $67,499
Source: "Hubzu Identifies 20 Markets with the Highest REO Buy, Renovate and Sell Rate"
