Foreclosures: Hot or Not?

HotPads.com, a map-based search site for rental and for-sale properties has launched a Foreclosure Heat Maps tool that colors ZIP code areas based on the volume of foreclosure filings in those areas.

HotPads teamed with foreclosure data provider RealtyTrac to create the mapping tool. Exact addresses aren't displayed for the foreclosure properties, and HotPads users must register with RealtyTrac to view contact information for foreclosed properties.

HotPads plans to allow comparisons of current foreclosure heat maps with past heat maps to allow users to gauge the foreclosure trends in a particular market area, according to a company announcement.

Several other real estate sites, such as Property Shark, Trulia (see example) and Zillow (see example), offer heat maps to show a variety of statistics, such as price changes or average listing price in a given area.

There appears to be a growing trend in the availability of online foreclosure property searches and foreclosure-related statistical reports these days, in line with the market realities as buyers are searching for bargains and foreclosures are among the most active market segments in some areas.

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