Huge Foreclosure Discounts Available In Some Markets

Huge Foreclosure Discounts Available In Some Markets
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    If you're shopping for a new home this year and are willing to relocate, then you may want to consider certain markets where foreclosed homes sold for less than half the value of comparable homes not in foreclosure.

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Foreclosure discounts persist in some markets.

That’s right, foreclosure discounts are still steep in some areas of the United States, markets that also seem to have a higher percentage of foreclosures than found elsewhere.

Foreclosure Sales Report

This tidbit of information was offered up last week by RealtyTrac, a real estate information website that tracks listings including foreclosures. Company vice president, Daren Blomquist, identified 11 metropolitan areas where foreclosure discounts of 50 percent or more could be found. That information comes by way of the latest RealtyTrac U.S. Foreclosure Sales Report, which looked at third quarter 2011 sales, offering the latest information about the U.S. housing market.

Two of those markets, Bridgeport, Conn. and San Francisco, had foreclosure home prices of about $300,000, well above nine other metropolitan areas with deep discounts. Still, at those prices, home shoppers could save at least 50 percent in markets where home prices average in the 600s.

Most Significant Discounts

New Jersey’s state capital city, Trenton, had the highest discounted prices at 68 percent. Ewing Township and neighboring communities were also included in that list with the average price of a Trenton area foreclosure going for just $108,302. St. Louis; Milwaukee; Springfield, Mass.; Saginaw, Mich,; New Haven, Conn.; Memphis; Toledo, Ohio; and Atlanta also offered foreclosure discounts of at least 50 percent.

RealtyTrac data has also revealed that there are 10 markets where foreclosures represent half of all sales. Nine of those markets are in California with Las Vegas being the lone market not in the Golden State. Two-thirds of all sales in Modesto, Calif., are homes that have been foreclosed. Stockton, Vallejo-Fairfield, Merced, Salinas, metropolitan San Bernandino, Fresno, Bakersfield and the Sacramento capital region are the other markets.

High Foreclosure Rates

Nevada, Arizona, Utah, Florida, Georgia, Illinois, Michigan, Ohio and New Jersey are among the state with the highest foreclosures. These states have more homes on the market in foreclosure than homes for sale that are not in foreclosure.

Of course, moving to a new market to take advantage of lower home prices doesn’t work for most people, especially for those that do not have a job. What RealtyTrac’s information does do is show that foreclosures are still in abundance and that discounts can be had in markets across the country.

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Categories: General News

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Auto Trends Magazine", an online publication. Matt covers campus, consumer, business and financial topics on various websites and weblogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".