The 10 Best States For Deals On Foreclosures

foreclosure reduced price

Photo: David McNew/Getty Images

205,990 U.S. properties received foreclosures filings in May, down 4 per cent from last year, according to RealtyTracForeclosure starts also increased for the first time in 27 months.

Many of these new starts are expected to end up as short or auction sales instead of being repossessed by banks.

And foreclosed and pre-foreclosure homes sell at sizable discounts to similar homes that aren’t foreclosed on and can provide a good buying opportunity.

We drew on RealtyTrac’s latest foreclosure report and picked the 10 states with the highest foreclosure savings rates in May.

Note: Savings are measured by comparing average sales prices with average foreclosure sales price.

California

Foreclosure savings:
42%

Avg. foreclosure sales price:
$249,852

Worst county:
Lake

1 in every 324 housing units received a foreclosure filing in May 2012

Source: RealtyTrac

New York

Foreclosure savings:
43%

Avg. foreclosure sales price:
$335,088

Worst county:
Nassau

1 in every 2,301 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



Alabama

Foreclosure savings:
43%

Avg. foreclosure sales price:
$108,209

Worst county:
Morgan

1 in every 1,518 housing units received a foreclosure filing in May 2012

Source: RealtyTrac

Ohio

Foreclosure savings:
44%

Avg. foreclosure sales price:
$68,593

Worst county:
Lucas

1 in every 495 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



South Carolina

Foreclosure savings:
45%

Avg. foreclosure sales price:
$90,008

Worst county:
Richland

1 in every 539 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



Delaware

Foreclosure savings:
48%

Avg. foreclosure sales price:
$113,176

Worst county:
Kent

1 in every 752 housing units received a foreclosure filing in May 2012

Source: RealtyTrac

Pennsylvania

Foreclosure savings:
51%

Avg. foreclosure sales price:
$77,366

Worst county:
York

1 in every 1,294 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



Illinois

Foreclosure savings:
51%

Avg. foreclosure sales price:
$106,404

Worst county:
Kendall

1 in every 325 housing units received a foreclosure filing in May 2012

Source: RealtyTrac

Wisconsin

Foreclosure savings:
52%

Avg. foreclosure sales price:
$87,871

Worst county:
Polk

1 in every 671 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



Louisiana

Foreclosure savings:
53%

Avg. foreclosure sales price:
$93,671

Worst county:
Livingston

1 in every 1,144 housing units received a foreclosure filing in May 2012

Source: RealtyTrac



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