Foreclosure discounts no longer as steep | HousingWire
While there are still plenty of foreclosures on the market, the good news for sellers is they are selling at prices closer to market value. Not good news for home buyers but good news for the real estate industry and home owners.
During the peak of the mortgage crisis, foreclosed homes sold at a 25% discount on average, but the market is stabilizing and the price differentiation between a home’s foreclosed valued and original market value is beginning to narrow, FNC reported.
The real estate analytics firm released a Foreclosure Market Report Monday, saying home prices are rising in many metro areas while foreclosure prices are starting to bottom out, creating some price stability.
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