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Top 10 places to buy a foreclosed home

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

8. Poughkeepsie, N.Y. – 28 percent discount

Jon Simon/Feature Photo Service for IBM/File
Engineer Milnes David inspects the chilled innards of a computer server outfitted with new radiator technology at IBM's Energy Efficiency Lab in Poughkeepsie, N.Y. Despite its high-tech employer, the metro area has so many foreclosed homes that at present purchase rates it would take 92 months to work through the supply of foreclosed homes that are on the market or coming on the market, RealtyTrac estimates.

  • By Laurent Belsie Staff writer

The Queen City of the Hudson River is home to Vassar College, an IBM plant, and foreclosed homes – lots of them. The metro area has a 92-month supply of bank-owned properties, the second-biggest backlog on RealtyTrac's Top 10 list. They're selling at a 28 percent discount. The area's employment grew 1 percent over the past 12 months and 2.5 percent over the past three years, which trails the national average of 4 percent. The median housing price is just under $200,000 and is up 4 percent over the past year, according to Trulia, an online real estate information site.

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