A huge 52-percent in average price discount was given to buyers of New York foreclosures for the period January to March, based on a foreclosure sales report issued by a property research firm. These sales referred to sales of bank properties for sale during the quarter.
In a ranking of average price discounts for foreclosures by state, New York posted the biggest price discount for real estate owned units during the quarter, surpassing the price discounts for REOs in states hardest hit by foreclosures like California, which posted 43.86 percent; Florida, which posted 37.75 percent; and Michigan, which posted 34.21 percent.
For all short sale homes and repossessed homes sold during the quarter, excluding the change of ownership of distressed homes from owners to lenders through the process of repossession, the average sales price discount was 27.28 percent. The biggest average price discount during the quarter was for foreclosure sales in Ohio.
Buyers who took advantage of New York foreclosures for the period January to March experienced great home buying opportunities as the average sales price of $288,841 statewide during the first quarter was a price for good but cheap homes for sale in the state.
Compared to other states, New York has escaped much of the foreclosure sorrows experienced by other states like Nevada and California. In foreclosure charts over the past two years, New York has always been in the bottom ten of the charts.
In the first quarter, New York State was 42nd in percentage of foreclosure, with only one foreclosure filing for every 657 homes across the state, far below the foreclosure rate of Nevada, which was one filing for every 33 homes in the state.
All in all, the nearly 2,900 New York foreclosures that changed ownership from homeowners or lenders to buyers at relatively low prices during the first quarter showed again the reality that the foreclosure crisis made homes affordable to a number of families who could not have purchased a home without substantial discounts.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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