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Home | News | Foreclosure | Ten States with the Biggest Foreclosure Discounts: RealtyTrac
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Ten States with the Biggest Foreclosure Discounts: RealtyTrac

While ""RealtyTrac"":http://www.realtytrac.com/home/ found that the nationwide average for foreclosure discounts is 31.74 percent, there are some states that are much more generous.

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Foreclosure discounts include homes in foreclosure or properties that are bank-owned. Even though foreclosures provide an opportunity to purchase properties at a lower price compared to non-foreclosures, RealtyTrac found that foreclosure prices are actually increasing. With the average foreclosure sales price at $170,040, prices are up 6 percent on a quarterly basis and up 7 percent yearly. The annual increase was the biggest since the fourth quarter of 2006.

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That being said, here are the states with the biggest foreclosure discounts, along with their average foreclosure sales price, according to RealtyTrac findings.

1. Massachusetts (47.09%) ($193,993)
2. Kentucky (46.33%) ($85,863)
3. Connecticut (45.40%) ($173,022)
4. Rhode Island (43.97%) ($123,648)
5. Ohio (43.01%) ($75,797)
6. Louisiana (41.99%) ($107,239)
7. Delaware (41.93%) ($132,142)
8. Illinois (41.09%) ($130,454)
9. California (41.05%) ($248,676)
10. Georgia (40.07%) ($104,561)

RealtyTrac also looked at foreclosure trends in metro areas and found that in Modesto, California, 57 percent of sales were foreclosure-related, the highest percentage among the nation's 100 largest metros.

Six other metros in California were among the top 10 for their high percentages, including Stockton (54 percent), Riverside-San Bernardino-Ontario (47 percent), Bakersfield (46 percent), Sacramento (45 percent), Fresno (44 percent), and Oxnard-Thousand Oaks-Ventura (39 percent).

Other metros in top ten were Las Vegas (45 percent), Atlanta (45 percent), and Detroit (39 percent).

About Author: Esther Cho

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