According to a report from RealtyTrac, the online marketer of
foreclosed properties. Las Vegas has so many foreclosures that
53% of all the homes sold in Nevada are in some stage of
foreclosure. Foreclosures represent 45% of sales in California
and Arizona, and 28% of all existing home sales during the first
three months of 2011. What's more, the homes are selling at
steep discounts, especially so-called REOs, bank-owned homes that
have been taken in foreclosure procedures. The average REO cost
on average about 35% less than comparable properties, according
to RealtyTrac.
The author of this article is usually very accurate in his foresight.
Source: http://sellorbuyland.blogspot.com/2011/05/single-family-market.html
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