Yesterday’s Washington Post’s piece on RealtyTrac’s latest foreclosure numbers reported that bank-owned properties across the county sell on average at a 40 percent discount to the average price of non-REO’s. Additionally, nationwide, foreclosure sales accounted for 31 percent of 2nd-quarter sales. See: Foreclosure sales this spring were 6 times higher than in healthy housing markets
I wanted to see how the Reno-Sparks market compared to the country as a whole. In Reno-Sparks, bank-owned (foreclosed) properties accounted for 39.5 percent of 2nd-quarter sales – higher than the 31 percent seen nationwide.
Taking a look at average and median sold prices, I found that the foreclosed properties sold for a 32.9 percent discount when comparing average sales price, and sold for a 16.7 percent discount when comparing median sale price. Both numbers lower than the 40 percent discount nationwide.
