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HousingWatcher
2011 May 28, 8:24am
HousingWatcher
2011 May 28, 8:24am
"Foreclosure discount" is a highly misleading phrase. In most cases, REOs sell for big discounts because they are in awful condition.
The latest quarterly figures are in and it’s not great news on the real estate front: According to RealtyTrac, distressed real estate accounts for 28 percent of all existing home sales in the first quarter. No less important, the typical foreclosure discount was 27 percent lower than homes not in foreclosure.
Combine falling home prices with massive discounts and some interesting numbers emerge:
Foreclosed homes costing less than $100,000 on average were available in Iowa ($97,339), Michigan ($70,358), Ohio ($75,397) and Oklahoma ($93,013).
http://www.ourbroker.com/foreclosures/foreclosed-homes-for-less-than-100000-052711/
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