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Foreclosure Discounts Small In Stockton, Sacramento

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(Sacramento, CA)
Thursday, January 26, 2012

People who bought a foreclosure property in Stockton between July and September of last year paid an average of about $157,000.

"That price was 12% below the average price of non-foreclosure properties - so not a huge discount."

Daren Blomquist is with RealtyTrac. The foreclosure firm released its third-quarter 2011 data today. He says the discounts were bigger in Sacramento where foreclosures were 29% cheaper than non-foreclosure homes.

But even that's low compared to cities like San Francisco, Memphis and Atlanta where discounts are at 50%.

Blomquist says Stockton's dismal discount rate is associated with inventory.

"Honestly because foreclosures are such a big part of the market in Stockton. They are dominating the home prices as well."

And Blomquist says as a result, in Stockton there's not that much difference in price between buying a foreclosed home and a non-foreclosed home.

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