Foreclosure discounts in South Florida are actually shrinking. Continue reading to find out more.
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 discounts 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. They did this 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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