The 10 Best Cities For Buying Bank-Owned Homes

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Photo: monkeyatlarge via Flickr

Sales of homes in some stage of foreclosure and sales of bank owned homes accounted for 26 per cent of U.S. residential sales in the first quarter.This was up from 22 per cent the previous quarter, according to RealtyTrac.

Homebuyers bought a total of 123,778 bank-owned (REO) homes in the first quarter up from 2 per cent from the previous quarter, but down from 15 per cent  from a year ago.

We drew on RealtyTrac’s latest foreclosure report to look at the cities that offered the highest discount on bank-owned homes. REO’s across the country sold for an average price of $147,995.

Note: The data is for metro areas with at least 100 REO sales during the first quarter.

Santa Barbara-Santa Maria-Goleta

Average discount:
47.50%

Average sales price:
$235,135

REO sales:
284 units

Source: RealtyTrac

Lansing-East Lansing

Average discount:
47.83%

Average sales price:
$50,667

REO sales:
210 units

Source: RealtyTrac

Louisville/Jefferson County

Average discount:
48.57%

Average sales price:
$80,636

REO sales:
368 units

Source: RealtyTrac

New Haven-Milford

Average discount:
49.41%

Average sales price:
$102,161

REO sales:
236 units

Source: RealtyTrac

Springfield

Average discount:
49.50%

Average sales price:
$93,668

REO sales:
220 units

Source: RealtyTrac

Boston-Cambridge-Quincy

Average discount:
50.57%

Average sales price:
$182,769

REO sales:
1,025 units

Source: RealtyTrac

Pittsburgh

Average discount:
50.81%

Average sales price:
$67,525

REO sales:
519 units

Source: RealtyTrac

New York-Northern New Jersey-Long Island

Average discount:
50.92%

Average sales price:
$220,875

REO sales:
620 units

Source: RealtyTrac

Bridgeport-Stamford-Norwalk

Average discount:
53.93%

Average sales price:
$223,000

REO sales:
140 units

Source: RealtyTrac

Milwaukee-Waukesha-West Allis

Average discount:
55.55%

Average sales price:
$80,001

REO sales:
664 units

Source: RealtyTrac

But how's the global property market shaping up?

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