Apr 12, 2010
POSTED BY OLIVER WRIGHT ESQ. – According to First American Core Logic, distressed home sale prices have been running at around a one-third discount from market sales prices for the last year. In January the average price for a house sold on the open market was $247,700, but the average REO property sold for $141,900 and the average short sale brought $215,300. The average price for all distressed properties was $161,600.
[pullquote]Riverside, California had the largest percentage of distressed sales among the 25 largest markets at 62 percent of all sales followed by Las Vegas and Sacramento at 59 percent and 58 percent respectively.[/pullquote]
The largest share of bank-owned housing sales occurred in Detroit (48 percent) and Riverside (47 percent). The highest percentage of short sales was recorded in San Diego (19 percent) followed by Sacramento (18 percent) and Oakland (16 percent). While Florida is home to all 10 markets having the most foreclosures, only Orlando and Cape Coral were among the top cities for distressed sales; a byproduct, no doubt, of the judicial foreclosure process required in that state, which extends the foreclosure time-line compared to other distressed states like California and Nevada.
