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Area Foreclosures More Expensive

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(Sacramento, CA)
Thursday, May 26, 2011

The average price of a Sacramento area foreclosure home in the first quarter of 2011 was 22% below the average sales price of homes not in foreclosure.

The statewide average foreclosure discount is much higher at 34%.

Daren Blomquist is with RealtyTrac - the foreclosure listing firm that released the figures. He says there's a tipping point with discounts once foreclosed homes make up half of the housing market…which is the case in the Sacramento region.

"Foreclosures are such a dominant part of the market that they're driving the overall average sales prices and anybody who wants to sell in that market, even if they're not in foreclosure, is going to have to compete against those foreclosure properties."

Foreclosure sales accounted for 53% of all home sales in the Sacramento area between January and March. Statewide, it was 45%.

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