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.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
