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IPFS News Link • Housing

Foreclosed Homes Sell at 27% Discount as Supply Grows

06-30-2010 • Bloomberg.com

“The discount will probably stay between 25 percent and 30 percent as lenders carefully manage the number of new foreclosure actions in order to avoid flooding the market,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in an interview. “We’re clearly creating more properties that will be sold at distressed prices than the market is absorbing,” Sharga said. There were more than 250,000 new bank seizures in the first quarter.

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Reported By Jack Gregson

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