Some cities offer foreclosure bargains

Families considering moving to a new location often consider a foreclosed house as an inexpensive way to find a new home. While there are many foreclosures across the country, a report from RealtyTrac shows that some cities offer better bargains than others.

The city with the best bargains, according to the report, is Memphis, Tennessee. During the year's first quarter, 37 percent of homes sold there were foreclosures, and those homes came at a 53 percent discount.

RealtyTrac says that the Milwaukee, Wisconsin, area also has a great deal of potential. While foreclosures made up just 22 percent of home sales in the region, the average selling price of those properties was less than $90,000 - a 48 percent discount.

Other cities that offer great deals, according to the report, include Buffalo, Cleveland and San Francisco.

But even if they don't appear on the list, foreclosures in other cities also offer homebuyers deep discounts. Research by economists at Harvard University and the Massachusetts Institute of Technology found that foreclosures sold at an average discount of 27 percent.

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