Individual cities also saw a mixture of increased and decreased rates of foreclosure. Both Phoenix and Georgia saw their foreclosure rates drop by 8 to 9%. The Detroit foreclosure rates also dropped by more than 2%. Other cities saw continued increases in foreclosures: Chicago (12.5%), Memphis (almost 5%), and Miami (less than 1%).
Although the foreclosure rates are fluctuating in many parts of the country, most of the big real estate markets have seen increases in the property prices recently. Although most of these increases have been modest, they are a positive sign after many consecutive months of falling prices. In California, Florida, and Georgia, the average property prices increased by less than 1% to $344,892, $222,765, and $134,210, respectively. In Michigan, however, the average price jumped by more than 3% to $90,208. Not all states saw an increase in these prices. Texas saw a 12% decrease in the average price; it dropped to $109,882.
Overall, real estate investors looking for bargains can still focus on a number of the big markets even those which are showing slightly higher prices and decreases in foreclosure rates.