In yesterday’s post, 53 percent of Nevada’s residential sales are foreclosures, I noted that the average foreclosure sales price in Nevada was nearly 18 percent below the average sales price of homes not in foreclosure. 18 percent seemed to me to be quite a discount – that is until I read further into RealtyTrac’s Q1 2011 U.S. Foreclosure Sales Report™ and found that in ten states the average discounts on foreclosed homes in the first quarter were more than 35 percent below the average prices of non-distressed homes. Double the current discount found in Nevada.
Foreclosure sales in Illinois and Ohio are selling at the greatest discounts, averaging 41 percent in those two states. Kentucky’s foreclosures are selling at a 39 percent discount to homes not in foreclosure; followed by Maryland, Tennessee, Wisconsin, Delaware, Pennsylvania, Oklahoma, and Louisiana each with discounts of more than 35 percent.
Source: RealtyTrac®’s Q1 2011 U.S. Foreclosure Sales Report™