Foreclosures sell at 26% discount
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.
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%.
Source: CNN Money