Asheville Foreclosures Sell for Up to 40% Less
Asheville Foreclosures Sell for Up to 40% Less
Asheville foreclosures made up about 30% of all Asheville home sales during the spring quarter and sales were about six times the percentage of foreclosures in a healthy housing markets.
Bank owned sales would have been much higher if banks hadn’t slowed their foreclosure processes while state and federal officials continued to investigate possible faulty practices.
States with the highest number of foreclosure sales was Nevada, where foreclosure sales accounted for 65 percent of all sales. Arizona followed with foreclosure sales accounting for 57 percent of all home sales for the quarter.
Asheville foreclosed homes continue to sell for less than other homes. During the spring, Asheville bank owned homes sold for 40 percent less than the average price of other homes.
Sales of homes nationally in the foreclosure process or short sales sold for 21 percent less than the average home sold and the bank owned was averaging 30-45% in most areas.
The average sales price of a foreclosed property was $165,000, a drop of less than 1 percent from the January-March quarter and a nearly 5 percent drop from the April-June quarter in 2010.
As lenders are slow to foreclose there is not as much inventory on the market and with the record low interest rates the nice Asheville Homes sell quickly.
This is the time to take advantage of the great prices of bank owned properties but it is important that you are approved for a loan if a mortgage is needed as investors are paying cash and the lender wants to know you will be able to close before accepting your offer.
