Forbes.com has published a list of the top 40 most risky cities in the US real estate market to invest in. Denver is in the top ten because of the sheer number of foreclosures that are taking place in the city.
Detroit was the riskiest market on the Forbes list, followed by Orlando, Fla.; Cleveland; St. Louis; Miami; Las Vegas; Sacramento, Calif.; Denver; Tampa, Fla.; and Phoenix.
Denver's ranking was based largely on the number of foreclosures the city has experienced, which amount to 2.6 percent of the market, according to Forbes.com.
"What's less risky than other markets is that despite the national economic downtown, Denver continues to add jobs, with a job growth rate that's held steady at about three times the national average," the online article said. Article.
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I think Forbes might be looking at it the wrong way. If there are high amounts of foreclosures then it's probably a great place to invest if you know what you're doing and you're funding the deals correctly. We've seen a lot of investors get into trouble because they were only looking at cash flow and didn't pay close enough attention to the loans they were getting into. When the loan flipped then they got in trouble. So foreclosures are highest in Denver, Orlando, etc. To mean that means an opportunity, not only to make money but to help people in a bad situation. If you can catch someone in pre-foreclosure and help them out then it's a win/win/win for the owner, bank, and you. I found a great Google Maps mashup that lists these foreclosures in Illinois and across the nation. It's worth taking a look at. It's been a great help to me.
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