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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.
As reported by RealtyTrac.com, the Buckeye State is the only state among the Top 10 in 2009 Foreclosure Activity to post fewer filings versus 2008. It's a nice boost for a state that's been beaten down by high unemployment and the New York Jets. Foreclosures are slowing statewide, helping both home values and homeowner morale.
