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Foreclosure Home Sales Dropping

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(Sacramento, CA)
Thursday, December 2, 2010

Half of the homes that sold in Sacramento County between July and September were foreclosures. That's an improvement over the same period last year when 59% of all properties sold were in some stage of foreclosure.

But RealtyTrac's Daren Blomquist says it's still a high percentage…and it's tainting home values.

On average, people who buy a foreclosure home in the Sacramento area are paying 19% less than if they bought a property not in foreclosure. Statewide, the discount is twice that amount.

"The interesting thing in places like Sacramento is you don't see as big of a discount on foreclosures because foreclosures are more of the norm and so people who are selling who are not in foreclosure pretty much have to lower their prices to be able to compete."

The average sale price of properties in some stage of foreclosure was $176,188.

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