Don't Panic! There is a lot more where those came from. Projections show at least another million or two foreclosures this year that will be coming to a neighborhood near you. The competition between Investors and first time home buyers is in full swing and the cash Investors seem to be winning the game.
Mathews Realty Group
Retirement Advisor/Investment Consultant
Self Direct IRA-401K specialists
RealtyTrac: Share of Foreclosure Home Sales Declines, Discounts Deepen
RealtyTrac has released its year-end 2010 foreclosure sales report, which shows that foreclosure homes accounted for nearly 26 percent of all U.S. residential sales last year, down from 29 percent of all sales in 2009 but up from 23 percent in 2008.
RealtyTrac’s report also shows that the average sales price of these foreclosure properties was more than 28 percent below the average sales price of properties not in the foreclosure process – up from a 27 percent average discount in 2009 and 22 percent in 2008.
A total of 318,688 pre-foreclosure properties — in default or scheduled for auction — sold to third parties last year, with an average discount of 15 percent. Pre-foreclosure sales accounted for nearly 10 percent of 2010 home sales.
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