Ohio, Mich. prices lag for home foreclosures
5/26/2011Foreclosed homes sold at a greater discount in Ohio and Michigan in the first quarter of 2011 than those nationally, a report shows.
The average sales price of a home in foreclosure was $168,321 nationally, or 27 percent below the average sales price of houses not in foreclosure, according to real-estate data tracking firm RealtyTrac Inc. of California.
The firm found 4,495 foreclosed houses sold in the first quarter in Ohio, down 17 percent from the previous quarter, and sold for an average price of $75,397, or 41 percent below nonforeclosure prices. In Michigan, 7,164 foreclosure sales occurred, down 14 percent from the previous quarter, and the average price was $70,358, or 34 percent below nonforeclosure prices.