Foreclosure Discounts Shrinking in South Florida
Written by Emil Fleysher | November 30, 2012 | Foreclosure
The past year has seen heavy competition between potential buyers of foreclosed homes. The result of this is that the average price for a foreclosed home in Florida is nearly the same as for a non-distressed home. Nationally, bank owned property price discounts fell to 7.7% from 9.1% a year ago. The smallest foreclosure discount has led potential buyers into bidding wars over the shrinking number of foreclosure properties available for sale. Buyers in Palm Beach, Broward, and Miami-Dade counties received just a 2.9% discount, down from 6.8% a year earlier. The Phoenix and Las Vegas markets have rebounded to the point of there being no discount for purchasing a foreclosed home. Pittsburgh and Cleveland have the best foreclosure bargains of 27.4% and 25.8% respectively.
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