RealtyTrac.com, which supplies monthly mortgage statistics, also calculates the average discount-to-value by market — that is, how much foreclosed homes actually sold for compared to their estimated market value in their areas.
This information can help a bargain hunter get the best foreclosure deal.
Nationwide, in the three months from June through August, 68,426 foreclosed homes sold in 2007 vs. 54,886 in 2006. The average sales price dropped from $271,000 to $239,000.
The discount-to-market ratio increased slightly from 76.42 percent to 77.68 percent. This is the actual foreclosure sales price compared to the perceived market value of the home. So 77.68 percent means, on average, you'd get just over a 22 percent savings or "discount" on a foreclosure purchase. That's down from just over 23 percent a year ago.
These are the states with largest discount, including price and its average percent of market value:
- Alabama: $133,834, 59.95 percent
- Pennsylvania: $110,936, 61.68 percent
- Indiana: $99,255, 63.5 percent
- Ohio: $90,300, 64.7 percent
- Missouri: $144,768, 67.25 percent
Here are the states with the smallest discounts:
- Hawaii: $657,211, 85.41 percent
- Washington: $288,397, 83.68 percent
- Virginia: $338,912, 83.48 percent
- Massachusetts: $290,835, 83.03 percent
- California: $437,813, 83 percent
Source: Dow Jones Business News, Jennifer Openshaw (10/16/07) /Realtor magazin
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