It’s in Pittsburgh, Pa., according to a recent study from Zillow.com, which indicates that buyers are paying 59 percent less for foreclosed homes than those who close on “traditional” properties.

Those are remarkable savings.

The “white paper,” called “Price Differences Between Foreclosures and Non-Foreclosures,” analyzed 16 major real estate markets throughout the United States. Overall, the research revealed that on average buyers save about 28 percent on distressed real estate.

Portland, Ore., is where the savings gap is narrowest, coming in at about an 18 percent discount. Nonetheless, it’s still a significant amount when hundreds of thousands of dollars are involved.

Take a look the top 10 best markets for where to find foreclosure deals:
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It actually ranks third on a top 10 list put together by the Associated Press:

“Foreclosures head higher: Home foreclosures top 4 million, as more people lose their jobs and can’t afford to pay their mortgages. As a result, increasing numbers of people with fixed-rate loans and good credit are losing their homes. By the end of the year, a record 14 percent of homeowners with a mortgage are either behind or in foreclosure.”

Unsurprising, considering the national housing market meltdown, as well as the alarming unemployment rate that continues to sweep the nation.

Perhaps the only silver lining is that the economy’s fall (and rebound) is number one on the list, which means that hopefully we can continue the upward positive trend in 2010 and beyond.

If you’re in financial turmoil remember that professional foreclosure consultants can be reached right here. It’s free help.

On the flip side, be sure to search Foreclosure.com today if you’re in the market to purchase a foreclosed home in your area. It’s FREE for seven days. Click here.

Record-breaking nationwide foreclosure statistics set off a flurry of Internet searches this year, according to the “2009 Year in Review” from Yahoo!, which analyzes “queries based on a number of factors, including absolute volume and growth versus previous periods, to see which themes and trends bubble to the surface.”

The report indicates that the struggling United States economy is a big reason for the interest, saying “we saw old-fashioned thrift become a necessity.”

Indeed, there is a perceived value that is always associated with foreclosed homes. It’s human nature to want to get the most house and spend the least amount of money to own it.

Whether it’s the case or not (and it usually is), most curious homebuyers and investors feel that buying distressed real estate is cheaper than going the “traditional” route … especially when there is a large pool from which to choose like there is today.

There’s no denying it — this is a buyers market.

Deals are out there now more than ever and buyers are on their computers feverishly trying to hunt down the ones that are right for them. Pepper in limited-time government tax incentives ($8,000 and $6,500 tax credits) and historically low interest rates and you have a recipe for a mondo Web-surfing surge.

So check out the hot real estate deals in your area today on Foreclosure.com. Our nationwide database of more than 2 million distressed property listings is free to search for seven days.

Be sure to act fast because the best deals never last long! Search now.

Sometime in 2010, according to the USA Today:

“A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices. These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.”

The reason? The report lists several:

• Moratoriums
• Overwhelmed lenders
• Modifications
• Asset write-downs

Add it all together and Mark Zandi from Moody’s, which is “among the world’s most respected and widely utilized sources for credit ratings, research and risk analysis,” predicts that about 2.4 million homes will be lost to foreclosure next year.

That’s nearly a half-million more defaults that occurred in 2009 based on their data.

If you’re in financial turmoil do everything you can as soon as possible to not add to that potential tally. Remember that professional foreclosure consultants can be reached right here.

It’s free help.

On the flip side, be sure to search Foreclosure.com today if you’re in the market to purchase a foreclosed home in your area. It’s FREE for seven days. Click here.

Gregory Holm (a photographer) and Matthew Radune (an architect) plan to freeze a foreclosure home in Detroit, Mich., and demolish it in spring 2010 to draw more attention to the alarming default situation that has plagued “Motor City” for several years now.

“Ice House Detroit” — one of more than 13,600 active distressed properties in Wayne County, according to third quarter 2009 statistics from Foreclosure.com — will eventually be razed and donated to the community when the unique project is complete sometime in 2010.

The two “artists” came up with the idea of spraying a house with water and freezing it while studying architecture at Rice University in Houston, Texas. It just so happens that Radune feels Detroit is the ideal canvas for their work.

Here’s a snip from Yahoo!:

“It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense. Detroit was a place where we could make it into more than architectural installation.”

Holm and Radune have yet to select a specific abandoned house in the region. Once they do they will take photographs of the transformation of the house, which will be featured in a book and possibly a documentary film.

We’ll keep you posted on their progress as it becomes available. In the meantime, feel free to check out their “Ice House Detroit” Web site right here.