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For the first time since February 2009, the monthly foreclosure filings retreated below 300,000. The pace of foreclosures is slowing nationwide. Or is it?
The average sale price on a home in some stage of foreclosure was 26 percent lower last month than homes *not* in some stage of foreclosure.
NAR says home buyers get a "distressed home discount" of roughly 15 percent. Banks are working to reduce that number.
The 80/20 Rule no longer holds true with respect to foreclosures. In Q2 2010, the 10 most foreclosure-heavy states now account for just 70 percent of foreclosures. That's a big drop for a 12-month period. Based on RealtyTrac data, foreclosures haven't been this un-concentrated since 2007.
The National Association of Realtors® says the typical "distressed home discount" ranges near 15 percent. Buying foreclosed homes can be an excellent value if you find REO in livable condition.