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Report: Distressed Homes Sold at Less Than Half Price in Eight States in August

foreclosure-keysEight states reported a median sales price for distressed homes at less than half the sales price of non-distressed homes in August, according to a report recently released by RealtyTrac.

RealtyTrac defines a distressed sale as "the sale of a residential property that is actively in the foreclosure process or bank-owned when the sale is recorded." Distressed sales accounted for 13.5 percent of all single-family residential home sales in the U.S. in August, according to RealtyTrac.

The median distressed sales price for August was $129,200, an increase of 2 percent from July and an increase of 15 percent from August 2013. Nationwide, distressed homes were sold at an average discount of 37 percent compared with the median sales price of non-distressed homes for August, which RealtyTrac reported at $205,000.

The eight states in which distressed homes were sold at a discount of more than 50 percent were, according to the RealtyTrac report: West Virginia (66 percent, $44,500); Vermont (64%, $77,099); Michigan (61 percent, $53,000); Wisconsin (56 percent, $73,100); Pennsylvania (55 percent, $70,375), Ohio (55 percent, $61,000), Oklahoma (54 percent, $62,000), and Kentucky (52 percent, $60,000).

All 50 states and the District of Columbia reported a distressed home sales discount of at least 22 percent, according to RealtyTrac. The two states that tied for the lowest distressed home price discount with 22 percent were Arizona ($142,600) and Nevada ($142,000).

The metropolitan statistical area (among those with a population of 500,000 or more) that reported the highest distressed home price discount was Pittsburgh, with 72 percent ($35,000), according to RealtyTrac. Grand Rapids-Wyoming, Michigan, was close behind at 72 percent ($39,000). In all, 21 metro areas reported a distressed home price discount of 50 percent or more.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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