Foreclosed homes in Tennessee sold for an average 38.3 percent discount in the second quarter of this year, the fifth-largest discount in the nation according to RealtyTrac data.
That's one of the largest discounts in the nation. Ohio (42.6 percent) Kentucky (40.8 percent), California (39.3 percent) and Michigan (38.9 percent) had the highest discounts, compared to the selling price of non-distressed properties. The nationwide average was 26 percent.
There was better news for home sellers: Foreclosures accounted for only 17.4 percent of Tennessee homes sold in the quarter, compared to 24 percent nationwide.
A total of 248,534 homes nationwide sold in some stage of foreclosure in the second quarter, an increase of nearly 5 percent from the previous quarter, but down 20 percent from the second quarter of 2009.
“While foreclosure sales increased in the second quarter, non-foreclosure sales increased even more, spurred on by the homebuyer tax credit that expired during the quarter,” RealtyTrac CEO James J. Saccacio said in a news release. “That had the net effect of lowering foreclosure sales as a percentage of total sales during the quarter, but that may be a temporary dip, as the removal of the tax credit could drive more buyers back to discounted short sales and REOs.”
Info gathered from Nashville Business Journal
