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11 Metros with 50% Foreclosure Discounts

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If you’re looking to save big on a foreclosure purchase, you should consider buying in one of these 11 towns where foreclosure homes on average sold for at least 50 percent less than homes not in foreclosure during the third quarter of 2011, according to the latest RealtyTrac U.S. Foreclosure Sales Report.

These steep foreclosure discounts are available in a wide range of markets, with a wide range of average home prices. At the high end are markets like San Francisco and Bridgeport, Conn., where the average price of a foreclosure was more than $300,000 — still 50 percent below the average price of homes not in foreclosure in those markets.

Search foreclosure bargains in your market.

Five metros with foreclosure sales prices under $100,000
On the lower end are five markets where the average price of a foreclosure was less than $100,000: Saginaw, Mich., Toledo, Ohio, Memphis, Tenn., St. Louis, and Milwaukee.

The metro area with the biggest foreclosure discount in the third quarter was Trenton, N.J., where foreclosure homes sold at an average price of $108,302 — a whopping 68 percent below the average sales price of properties not in foreclosure.

Other metros with foreclosure discounts of 50 percent or more were Springfield, Mass., New Haven, Conn., and Atlanta.

10 metros with 50 percent share of foreclosure sales
Sales of properties in the foreclosure process or bank-owned (REO) accounted for 50 percent or more of all sales in 10 metro areas nationwide. Nine out of the 10 were in California, led by Modesto with 66 percent of all sales being properties in foreclosure or bank-owned. Other California cities on the list were Stockton, Vallejo-Fairfield, Merced, Salinas, Riverside-San Bernardino, Fresno, Bakersfield and Sacramento.

Foreclosure sales in Las Vegas accounted for 60 percent of all sales in that metro area, making it the only non-California city on the list.

See how many foreclosures are listed in your market.


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Comments

Exactly where is your corp. located, is it on the west coast or just in the major cities like L.A., San Diego, etc. I am an old-timer with over 46 yrs as a licensed R.E. Brkr; but right now I'm stuck here in Hemet. I am experiencing the problems that come with age, but still have good mind, just now where especially in th Hemet-San Jacinto area. I'd like to help new agents but there is virtually NO R.E. moving in this area at this time, except the foreclosures which I follow and check out since that was what I did when the 1st large amounts of housing foreclosures took place here, mostly around the S.F. bay areas & Sacramento. I am still licensed but don't know how I'd fit in in todays market. Got any ideas???? N."Sig" Sigler, brkr since 64' = sigsiglers8@yahoo.com or phone=(951)990-5712 Posted: March 9, 2012 by: N."Sig" Sigler
Thanks for your question. The discount is calculated by looking at the average price of foreclosure properties in the entire metro area versus the average price of non-foreclosure properties for the entire metro area. If the foreclosures are concentrated in the less desirable areas and are in poorer condition, then it would drive the average price of those down and the discount up. I did a quick search in Milwaukee just for bank "hot properties," which are REOs listed for sale that you can make online offers for, and found 145 listed at $100,000 or less. Here is a link to the search: http://www.realtytrac.com/mapsearch/real-estate/wi/milwaukee-county/ Posted: February 8, 2012 by: darenb
I have to question the numbers for Metro Milwaukee. The information may be true within the city in less desirable areas. In the nicer parts of the city and in the suburbs, I have a very hard time finding properties at 50% foreclosure discounts and under 100K. Posted: February 8, 2012 by: dvres

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