Foreclosures Are Ripe

Okay, true or false:

31% of all home sales in the first quarter of 2010 were foreclosures.

You’re thinking it’s true, right? I mean, why would I make up such shocking numbers for no reason?

Well, you’re right. It’s actually true. Though pretty unbelievable.

What’s even more amazing is that prices for distressed properties were 27% lower than average prices for non-distressed ones.

RealtyTrac says those numbers are up 2500% from the height of the boom! And they claim that most of these properties were picked up by either first time homebuyers or investors. (Ahem, prime customers for folk like us, if you catch my drift. If you don’t, send me a message and we’ll talk.)

And the biggest sources of foreclosure properties were Nevada, California, and Arizona. (Hey, where’d Florida go?)

And average closing prices for distressed homes in Ohio, Kentucky, and Illinois had the biggest discounts, 39% below non-distressed.

So, where are we moving first? And if we don’t move, where are our clients moving? Because we’ve got to get in on these prices. If you have any ideas, share them with the group. We’d love to hear what you’re thinking.

Other Associated sites:

http://www.offerin12hours.com/kfranklin
http://www.renttoownbuyer.com/kfranklin
http://www.realestateinvestordeals.com/kfranklin

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