10 States Where Foreclosures Are Severely Undercutting Home Prices

arial view homes housing houses

Photo: ATIS547 on Flickr

U.S. foreclosures rose 7% in October from the previous month, and frequently these foreclosures result in sales that depress home prices.A new report for RealtyTrac points out 10 states with highest foreclosure savings in October.

RealtyTrac explains foreclosure savings as a discount metric that compares the average sales price of foreclosures with the average sales price of non-foreclosed homes.

Last month, Massachusetts offered up the best deals. Which state is offering up the most savings on homes this time around?

#10 Maryland

Foreclosure savings: 36%

Average foreclosure sales price: $150,053

1 in every 1,954 housing units received a foreclosure filing in October 2011

#9 Georgia

Foreclosure savings: 37%

Average foreclosure sales price: $118,535

1 in every 406 housing units received a foreclosure filing in October 2011

#8 Illinois

Foreclosure savings: 39%

Average foreclosure sales price: $124,755

1 in every 423 housing units received a foreclosure filing in October 2011

#7 Louisiana

Foreclosure savings: 39%

Average foreclosure sales price: $97,007

1 in every 1,213 housing units received a foreclosure filing in October 2011

#6 Pennsylvania

Foreclosure savings: 41%

Average foreclosure sales price: $104,780

1 in every 1,525 housing units received a foreclosure filing in October 2011

#5 Delaware

Foreclosure savings: 42%

Average foreclosure sales price: $143,925

1 in every 498 housing units received a foreclosure filing in October 2011

#4 Michigan

Foreclosure savings: 43%

Average foreclosure sales price: $78,290

1 in every 282 housing units received a foreclosure filing in October 2011

#3 Texas

Foreclosure savings: 46%

Average foreclosure sales price: $104,602

1 in every 988 housing units received a foreclosure filing in October 2011


#2 Kentucky

Foreclosure savings: 52%

Average foreclosure sales price: $84,170

1 in every 2,028 housing units received a foreclosure filing in October 2011

#1 Oklahoma

Foreclosure savings: 60%

Average foreclosure sales price: $58,218

1 in every 801 housing units received a foreclosure filing in October 2011

Now here are 10 American cities where home sales are recovering...

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.