Swinging Short Sale Discounts
Short sale discounts from regular retail home prices are varying widely from market to market in the US. This week, RealtyTrac released a report that foreclosure sales took up 31% of all home sales in the US through Q110. According to the report, there were 88,000 pre-foreclosure sales, often short sales, in Q110, for an average discount from retail home prices of 14.7%. By comparison, REO discounts in the US averaged 34%. But while some are seeing large short sale deals above the 14.7%, others are not. Bill Gassett, a broker with RE/MAX Executive Realty in Hopkinton, Mass., said hes seeing slightly different numbers, suggesting that short sale discounts vary differently even within states.