The number of foreclosures available on the market continues its downward trend, and now is only a fraction of what was available at the height of the last recession. They now comprise just 1 in 20 new listings, which is a lesser percentage of the entire market than what it has been previously.
A large percentage of higher priced foreclosures have been cleared out, and the current foreclosure market is dominated by houses priced under $100,000. In fact, the median sales price is now $65,200 and the average discount from list price is 9% (meaning that house with the 100k ask price will likely sell for around $91,000). But, to be sure, there are still some great deals to be found.
The foreclosures are not spread evenly. While just 1.5% of Hamilton County listings are foreclosures, a BIG 13.8% of Madison County’s are. If you’d like to check out the good foreclosure deals, just send me an email, text or give me a call.