Distressed housing properties in the United States sold for a medium 37% below market prices in September, according to the hottest foreclosure report.
This was $130,000 countrywide compare to the median price of $205,000 for non-distressed homes during the month, according to the data from RealtyTrac’s report cover the 3rd quarter of the (2014) year.
Even as the share of distressed sales decrease, the average discount on upset properties continues to be considerable because the primary factors driving that discount are still in place,’ said, RealtyTrac vice president.
Distressed properties are normally in poor condition and have a very motivated seller whether that seller is the troubled homeowner in foreclosure or the bank that has repossess the real estate property through foreclosure,’ he explained.
The major city areas were distressed homes were most heavily discounted were Pittsburgh and Milwaukee both at Memphis at 59%, 67%, and Cleveland at 64% a breakdown of the data shows.
The median sales price of US housing properties, both distressed and non-distressed combined, was $195,000 in September, an increase of 1% from August and 15% from September 2013, the largest year on year increased since October 2005. September 2014 was also the 30th successive month in which the median home price increased yearly.
Median home prices countrywide in September were boost by a new low in the share of distressed sales during the 3rd quarter, resulting in fewer home sales on the lower end,’ Blomquist pointed out.
The share of home selling above $200,000 is up 7% from a year ago, and the share of homes selling above $500,000 is up 15% from a year ago,’ he added.
