Homes in the foreclosure process sold at an average 27 percent discount in the first quarter of 2010 as almost a third of all U.S transactions involved properties in some stage of mortgage distress according to RealtyTrac Inc. A total of 232,959 homes sold in the period had received a default or auction notice or were seized by banks.
The discount reflects the average sales price of homes in the foreclosure prcess compared with the average sales price of properties not in distress. About 31 percent of all U.S. sales in the quarter were of homes in some stage of foreclosure.
Article dated: 16-May-2011
Reference on US property:
REIClub: http://www.REIClub.com
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