Foreclosures sell at 26% discount

By Les Christie, staff writer


NEW YORK (CNNMoney.com) -- Homes lost to foreclosure now make up a quarter of the real estate market -- and they're selling at big bargains.

Nearly 250,000 residential properties in some stage of foreclosure changed hands during the second quarter, RealtyTrac reported Thursday. They sold for about 26% less than non-foreclosed homes, compared to 35% less in the first quarter.

A little more than half of these deals were of properties repossessed by banks, the remainder came from the ranks of short sales -- where banks allow homeowners to sell for less than they owe on the mortgage.

There was much regional variation in the foreclosure sales data. Rust Belt states such as Ohio and Michigan had moderately or high levels of foreclosure sales, but the former bubble states is where foreclosures continue to dominate.

In Nevada, they accounted for 56% of all transactions, the highest percentage in the nation. Arizona (47%) and California (43%) also had very high levels.

Foreclosure sales were much rarer in Iowa (4.4%), the District of Columbia (5.6%), Montana (6.4%) and New York (7.5%).

The sharpest foreclosure deals were to be found in Ohio, where foreclosure properties sold for 43% less than non-foreclosed homes. Kentucky's discount was 41%, and California's 39%. To top of page


Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.20%4.27%
15 yr fixed3.27%3.21%
5/1 ARM3.53%3.38%
30 yr refi4.18%4.24%
15 yr refi3.26%3.20%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in: New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Index Last Change % Change
Dow 17,160.59 28.62 0.17%
Nasdaq 4,563.93 11.17 0.25%
S&P 500 2,002.92 3.94 0.20%
Treasuries 2.60 0.01 0.42%
Data as of 3:36pm ET
Company Price Change % Change
Bank of America Corp... 16.89 0.18 1.08%
Apple Inc 101.69 0.83 0.83%
Yahoo! Inc 42.70 -0.02 -0.04%
Alcoa Inc 16.23 0.07 0.43%
Microsoft Corp 46.62 -0.14 -0.30%
Data as of 3:20pm ET

Sections

Communications Workers wins right to represent 9,000 customer service agents at nation's largest airline, and most are based in the South. More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

Frederick Hutson launched Pigeon.ly in 2012 to help inmates communicate with their friends and family. He's on target for $1 million in sales this year. More

Are you living for your job? Working around the clock? These questions will help you determine whether you've ventured into workaholic territory. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.