Greatest Foreclosure Discounts in US Metro Markets
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RISMedia using RealtyTrac data reported the US Metros with greatest foreclosure discounts (typical foreclosure price compared to non-foreclosure or short sales) in cities with a minimum 100 foreclosures in the third quarter of 2011.
The RISMedia summary of RealtyTrac information also noted that sales of homes in some stage foreclosure or REO (bank-owned) made up 20 percent of all residential sales in the Q3 2011. Q2 2011 saw 22 percent of all sales in this category and in a year-over-year comparison to Q3 2010 it was 30 percent of all sales.
Foreclosure-related sales made up 57 of all transaction volume in Q3 2011 in Nevada, 44 percent in California and 43 percent in Arizona.
Many of the highly-distressed markets are working through the foreclosure inventory, In Florida, for example, Q3 2010 saw foreclosure-related sales making up 39 percent of all residential sales volumes and just 19 percent in Q3 2011.