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Daily Real Estate News  |   February 25, 2011  |   Buyers Score Big Bargains on Foreclosed Homes
Home owners are snagging big discounts on bank-owned properties, as the gap last year between the average sales price of foreclosed homes and other properties continued to widen, RealtyTrac Inc. reports.

Buyers who purchased a foreclosed home last year received a 28 percent discount, on average, compared to a non-foreclosure sale, according to RealtyTrac.

Foreclosed homes comprised nearly 26 percent of all home sales last year, which is down from 29 percent in 2009. Foreclosure sales dropped sharply the last three months of 2010.

Yet, Rick Sharga, senior vice president at RealtyTrac, says only about 30 percent of banks’ foreclosure inventory is currently on the market.

Nevada, Arizona, and California reported the highest percentages of foreclosure sales for 2010. In Nevada alone, foreclosure sales accounted for nearly 57 percent of all home sales, according to RealtyTrac.

Source: “Report: Gap in Average Sales Price Widened Between Foreclosures, Regular Homes in 2010,” The Associated Press (Feb. 24, 2011)

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