Real Estate Pro Articles
   
Real Estate Pro Articles Author Photo    

Foreclosures in Delaware Sell at a Huge Discount during the Third Quarter



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265
By : Clark Raitz    99 or more times read
Foreclosed properties, such as foreclosures in 76227 and foreclosures in Delaware are selling at great discounts!

Foreclosure homes sold for 32% less than the homes that are not in foreclosure listings throughout the third quarter. Ohio has the biggest average discount among the states, where foreclosures have gone up to 45% less than non-foreclosure sales.

It has been reported to be the biggest disparity so far since late 2005. The foreclosure sales have been attracting sellers that are highly motivated.

Buyers, who chose properties repossessed by banks or REOs, have experienced even better deals. During the quarter the rates of almost the 114,000 REOs that were sold was 41% lower on average than those non-foreclosed homes that were sold.

That only means that any person could buy a house worth $200,000 for only $118,000. Great deal, isnt it? Just imagine buying foreclosures in Delaware at a price far below its true market value, or checking foreclosures in Blairsville, GA and coming across a property with very low interest rates.

The foreclosure discount must have significantly increased because home sales dropped since the end of the homebuyer tax credit. Also, the number of foreclosures increased in the market during the quarter.

According to Duane LeGate of House Buyer Network, Its the time value of money. Banks get an REO, they price it and nothing happens. Costs mount up. They get a low-ball offer and they take it.

Taking a low offer is far better than being stuck up with the house for months and spending on property taxes, utilities, heat, and maintenance. For instance, when banks have an inventory of foreclosures in 76227, they have to continuously maintain the homes and properties until they get sold. Needless to say, this maintenance can cost quite a lot. Selling foreclosures like foreclosures in Blairsville, GA at very low prices is actually their way of cutting their losses.

In Nevada, around 54% of the homes that were sold were REOs or short sales. It was reported to be the highest percentage of any state. Nevertheless, it was a minor drop from the second quarter, when they had 56% sales on foreclosures.

Other states with high foreclosures were Arizona (47%), California (40%) and Florida (37%).
Original Post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2300/foreclosures-delaware-sell-huge-discount on ForeclosureDatabank.com, your source of homes in foreclosure.

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors

 

 

© All rights reserved to Real Estate Pro Articles