Report: Foreclosed homes selling at 32 percent discount

Foreclosed homes have been selling at a substantial discount, averaging 32 percent less than homes not in foreclosure in the third quarter. In Ohio, that gap was even larger, where foreclosures were 45 percent below non-foreclosure sales.
By Todd Loesch, Housing Zone Contributing Editor | December 9, 2010

 

Looking for a housing bargain? Then a foreclosed home might be the way to go, according to CNNMoney.com.

Foreclosed homes have been selling at a substantial discount, averaging 32 percent less than homes not in foreclosure in the third quarter. In Ohio, that gap was even larger, where foreclosures were 45 percent below non-foreclosure sales.

The discount may have increased because home sales have fallen since the tax credit ended and more foreclosures entered the market.

"With foreclosure sales, you have highly motivated sellers," said Daren Blomquist, a spokesman for RealtyTrac.

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