According to a report released by RealtyTrac, distressed homes in the United States sold at an average 28 percent discount in 2010, bringing overall home prices down, reported Bloomberg.com February 4, 2011.
Distressed homes, those homes in any phase of the foreclosure process, accounted for 26 percent of all transactions last year, down from 29 percent in 2009. With a high supply of distressed properties on the market and a low demand from home buyers, U.S. residential home prices fell 4.1 percent in the fourth quarter 2010 compared to Q4 2009.
The average sales price of foreclosures actually went up in 2010, rising from $170,775 in 2009 to $172,030. Bank-owned properties sold on average for a 36 percent discount, up from 33 percent in 2009, while homes in default or scheduled for auction sold at a 15 percent discount, down from 17 percent in 2009.
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April 18, 2011
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