10 States Where You Can Get Incredible Deals On Foreclosed Homes

foreclosed homes

Photo: AP Images

Those on the market for a new or second home should strongly consider buying a foreclosed home.Foreclosed homes sell at a significant discount to similar homes that weren’t foreclosed on.  And with foreclosures expected to increase in 2012, these discounts are only getting deeper.

In its latest report, RealtyTrac identified the 10 states that offer the highest foreclosure savings. These savings were measured by average sales prices versus average foreclosure sales price.

We put together the 10 states with the highest foreclosure savings, and included the average foreclosure sales prices, along with the number of foreclosure filings in the state.

Note: Savings are based on January 2012 prices

#10 Ohio

Foreclosure savings:
38%

Avg. foreclosure sales price:
$69,459

1 in every 616 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#9 Arkansas

Foreclosure savings:
38%

Avg. foreclosure sales price:
$96,825

1 in every 4,804 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#8 Delaware

Foreclosure savings:
39%

Avg. foreclosure sales price:
$140,463

1 in every 373 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#7 Oklahoma

Foreclosure savings:
39%

Avg. foreclosure sales price:
$83,896

1 in every 1,227 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#6 Louisiana

Foreclosure savings:
40%

Avg. foreclosure sales price:
$100,323

1 in every 1,051 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#5 Pennsylvania

Foreclosure savings:
40%

Avg. foreclosure sales price:
$103,352

1 in every 1,219 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#4 Illinois

Foreclosure savings:
43%

Avg. foreclosure sales price:
$118,368

1 in every 369 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#3 Connecticut

Foreclosure savings:
48%

Avg. foreclosure sales price:
$136,403

1 in every 1,394 housing units received a foreclosure filing in December 2011

Source: RealtyTrac


#2 District of Columbia

Foreclosure savings:
49%

Avg. foreclosure sales price:

$253,600

1 in every 37,090 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

#1 Massachusetts

Foreclosure savings:
53%

Avg. foreclosure sales price:
$171,809

1 in every 1,191 housing units received a foreclosure filing in December 2011

Source: RealtyTrac

But which American states have the highest foreclosure rate?

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