Foreclosure Properties Now Sell for 26% Less Than Other Homes
Posted by ICON Realty Team on Monday, October 18th, 2010 at 2:38pm.
RealtyTrac’s latest quarterly results show that foreclosure properties sell for approximately 26% less than other homes. The results have also revealed the states with high foreclosure rates and sales discounts on distressed homes. For example, in Nevada the percentage of foreclosure sales has finally dropped from 65% to 56%.
Distressed home sales include the sale of homes that are scheduled to be auctioned, are in default, or are real-estate-owned. According to RealtyTrac, approximately 248,000 homes were sold between April and June 2010.
That’s a 5% jump when compared to the previous quarter, and non-distressed sales went up even more during the most recent quarter. Most are giving credit to the federal housing tax credit for growth seen in the industry.
However, prices are still taking a hit due to the downward pressure on pricing exerted by current market volume. Foreclosure sales are earning 26% less than others non-distressed properties and appraisals are coming in as much as 35% under the appraisals for non-foreclosure properties.Foreclosed homes often show signs of distress. Homeowners may stop taking care of the home once they get behind on payments. If the home owners are selling, they may do minor improvements to increase the value while banks will be less personal and detail oriented towards selling the home.
Hello and welcome to the Indianapolis Real Estate blog for ICON Realty Partners, LLC. We hope you enjoy our thoughts on relevant local and national real estate stories. We welcome anyone; buyers, sellers, journalists, or real estate professionals to share your thoughts by commenting below each entry.
The ICON Team
ICON Realty Partners, LLC
Indianapolis Real Estate
Phone: 317-572-7728
Related Links
Blog Tags
- income properties (4)
- flipping homes (4)
- indianapolis investment property (4)
- indianapolis rental homes (5)
- indianapolis income properties (4)
- home investing (4)
- home buying (4)
- indianapolis real estate home investing (4)
- carmel real estate investing (5)
- fishers real estate investing (5)
- noblesville real estate investing (5)
- homes for sale investing (4)
- westfield real estate investing (4)
- noblesville real estate investing (5)
- carmel foreclosures (6)
- fishers foreclosures (7)
- zionsville foreclosures (5)
Be the first to comment on this blog entry!
Leave a Comment
How Renting To Own May Help You
Any investment involves risk, be it a shortsighted clothing purchase or auto financing – buy an ill-fitting garment and...
5Comments Read MoreIndianapolis Homes: Buyer Checklist
Are you planning to purchase a home sometime in the near future? If so, it is important to have a clear idea of what things t...
7Comments Read MoreBuying a Home and Relocating
Guest Blog Post By P2P RelocationOne of the most stressful life choices we can make involves relocating yours (...
3Comments Read MoreWe're always on the lookout for talented real estate agents to join our growing team.
Contact Us
Print
Share