Homes Selling Broadly Cheaper as Foreclosures

By Kevin Chiu

Homes that had already been foreclosed represented nearly 1 in 4 sold during the second quarter of the year selling at broadly cheaper prices, according to RealtyTrac. Properties sold in some stage of foreclosure at more than 26% below average prices.

Ohio residential foreclosures sold for an average discount of almost 43% in the quarter, the largest discount of any state.

Deeply discounted foreclosure prices may drive buyers back into the market in coming months to produce the highly sought after bottom of the market. Distressed home sales accounted for 34% of sales nationwide in August up from 32% in July, according to the National Association of Realtors.

foreclosure for sale

Homes that had already been foreclosed represented nearly 1 in 4 sold during the second quarter of the year selling at broadly cheaper prices, according to RealtyTrac. Properties sold in some stage of foreclosure at more than 26% below average prices.

Ohio residential foreclosures sold for an average discount of almost 43% in the quarter, the largest discount of any state.

Deeply discounted foreclosure prices may drive buyers back into the market in coming months to produce the highly sought after bottom of the market. Distressed home sales accounted for 34% of sales nationwide in August up from 32% in July, according to the National Association of Realtors.