Foreclosures Selling at 30% Discount

[flip_it_fast]

Now may be the best time to buy a foreclosure.The best that it has been since the housing crash. Right now, foreclosures are selling at a 30% discount compared to non-distressed homes.

According to a new report from RealtyTrac, the marketer of foreclosed properties, 31% of all sales were foreclosures. And homebuyers purchasing those properties paid a whopping 27% less, on average, compared to sales of non-distressed homes.

Most of the houses discounted were short sales after bank repos.

Foreclosure sales were highest, expectedly in the bubble states. In Nevada, for example, they represented nearly 64% of transactions. And that's actually an improvement over the 75% of all sales during the first three months of 2009.
Surprisingly, both Massachusetts and Rhode Island had higher incidences of foreclosure sales than did the bubble state of Florida, at 42% vs. 39%.

The market has sinply been flooded with short sales and foreclosures so it's no wonder that they are selling cheaper. Otherwise, they would just sit there on the market.