Report: LI buyers can find big foreclosure discounts
MIAMI - SEPTEMBER 16: A Bank Owned sign is seen in front of a foreclosed home on September 16, 2010 in Miami, Florida. RealtyTrac, an online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report for August 2010, which shows foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 338,836 properties in August, a 4 percent increase from the previous month. (Photo by Joe Raedle/Getty Images) Credit: Getty/Joe Raedle
We all knew big discounts could be had on sales of foreclosures and homes winding their way through the foreclosure process, and now RealtyTrac puts hard numbers on how big those discounts have been for Long Island.
On bank-owned homes, the average price was half the average of normal sales during the second quarter, said the online market for foreclosures.
In cases where the borrowers were delinquent but had not yet lost their homes, the average price was 22 percent lower than the average in normal sales in Nassau and 32 percent less in Suffolk, according to the second-quarter data. This includes short sales, in which the lender agrees to take less than owed on the mortgage and the homeowner usually walks away with nothing.
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