foreclosure deals

 

Remember the days when foreclosures could be bought for fifty to sixty cents (or lower) on the dollar. That time was not so long ago, but all that has changed in today’s market. That’s not to say it still can’t be done, but not as plentiful. In most areas the deep discounts are gone, due to the low inventory of homes on the market. Buyer’s are willing to pay market value just to get a house.

“The average discount nationwide for foreclosure properties has fallen to 7.7 percent, according to Zillow research. In some parts of the country, there is no foreclosure discount when compared to other sales.”

In these areas on average, here is what you can expect to get — and not on all properties. You may even have to go over list if you really want the property.

  • Las Vegas (0%)
  • Phoenix (0%)
  • Sacramento, Calif. (0.7%)
  • Riverside, Calif. (1.8%)
  • San Diego (2.4%)
  • Miami-Ft. Lauderdale (2.9%)
  • Los Angeles (4.2%)
  • San Francisco (4.7%)

Looking for bigger discounts, then here are the  the places with the largest foreclosure discounts:

  • Pittsburgh, Pa. (27.8%)
  • Cleveland (25.8%)
  • Cincinnati (20.2%)
  • Baltimore (20%)
  • New York City (15.5%)

What is interesting is the Las Vegas, Phoenix and Florida markets which were inundated with foreclosed properties, now are experiencing a shortage of homes. Those who had the foresight and money to venture into the collapsed housing market will definitely reap the rewards.

 

Source: RealtorMag.com

About Linda Urbick Linda

has written 247 articles on this blog.


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Filed under: Short Sales & Foreclosures

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