Foreclosure sales price gap
As one might expect due to the large amount of defaults in the last two years, Nevada, Arizona, and California grabbed the lion’s share of foreclosure sales. Nevada continued to have the highest percentage of foreclosure sales with 57 percent of all residential sales being foreclosures. That was still down from a peak of 67 percent of all sales in 2009.
Arizona followed with foreclosure sales accounting for 49 percent of all sales in 2010, which was still down from 54 percent in 2009. California was third with foreclosure sales accounting for 44 percent of all sales in 2010, down from a peak of 57 percent in 2009.
Rounding out the top ten were Florida (36 percent), Michigan (33 percent), Georgia (29 percent), Idaho (28 percent), Oregon (28 percent), Illinois (26 percent), and Virginia (25 percent).
Ten states also posted foreclosure discounts of over 35 percent in 2010. The highest was Ohio where foreclosures sold for an average of nearly 43 percent less than non-foreclosed properties. Kentucky was next with an average discount of more than 40 percent, with the other eight states being Tennessee, California, Pennsylvania, Illinois, New Jersey, Michigan, Georgia and Wisconsin.
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