Foreclosures Sold at 30% Discount in First Quarter 2010

Foreclosures Sold at 30% Discount in First Quarter 2010

Foreclosures made up one-third of all sales during the first quarter of 2010 and they sold at an almost 30% discount. Homebuyers purchasing foreclosed properties paid 27% less, on average, compared to the sales of non-distressed homes. This, according to RealtyTrac, included properties sold in short sales or after a bank repossession, otherwise known in industry terms as REOs. 

Foreclosure sales were highest in states like Nevada, classified as "bubble states." Closer to home, Rhode Island and Massachusetts had higher incidences of foreclosure sales than some of the bubble states, with foreclosure sales at 42% vs. Florida's 39%.  

"Massachusetts and Rhode Island were two of the only Northeastern states that racked up unsustainable price increases during the boom," said Rick Sharga, a RealtyTrac spokesman.

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