Thursday, September 30, 2010

Foreclosures sell at 26% discount

Nearly 250,000 residential properties in some stage of foreclosure changed hands during the second quarter, RealtyTrac reported Thursday. They sold for about 26% less than non-foreclosed homes, compared to 35% less in the first quarter.
A little more than half of these deals were of properties repossessed by banks, the remainder came from the ranks of short sales -- where banks allow homeowners to sell for less than they owe on the mortgage.
Please note during the 2nd quarter was the federal tax.  When the 3rd data comes you'll probably distressed sales make up a higher percentage.

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