The average house in foreclosure sold last fall at just over half the price of comparable houses not in foreclosure in Tennessee and Georgia, RealtyTrac said in a report released today.
In Georgia where nearly 34 percent of all house sales during the third quarter of 2011 were of foreclosed homes, the typical home in some stage of foreclosure or bank repossession sold for nearly 48 percent less than comparable homes not in foreclosure.
In Tennessee where only 9.1 percent of home sales last fall were of foreclosed properties, the typical foreclosed house sold at a discount of nearly 41.5 percent, according to RealtyTrac.
“Foreclosures continue to represent an excellent bargain-buying opportunity for many buyers and investors,” RealtyTrac CEO Brandon Moore said.