Sales of Properties from Foreclosure Listing In NYC Slowing Down
Many homebuyers in New York City have consulted foreclosure listing in NYC when looking for the home of their dreams. This is not surprising since foreclosures have made the city’s housing market extremely appealing to consumers. However, it seems that the number of the sales is getting slimmer.
According to research reports, this previous summer alone showed that nearly 8% of the home sales were those of houses that were included in foreclosure listing in NYC. The average sales prices of these homes were just a little over $390,000.
In a typical housing market, foreclosures account for as much as 5% of the sales. Over the summer, about 800 foreclosed properties were sold in the city.
If you are looking for NYC properties with the largest discounts, you might want to try using a foreclosure listing service in Staten Island. Prices of foreclosed properties were as much as 7% less than their non-foreclosed counterparts. Queens was said to have the most foreclosure sales — a finding that was not surprising with the discounts that exceed 16%.
Manhattan foreclosure sales paled in comparison to its neighboring areas. Even with the discounts of foreclosures, homebuyers still had to pay more than a $1 million for foreclosed properties. However, if you have the desire and the means to buy a foreclosed Manhattan property then you can expect to enjoy a 4% discount.
Taking a national perspective, foreclosure sales are still rampant in the US housing market. In fact, an astounding 25% of the properties that were sold in this year’s third quarter were in some state of foreclosure. The discount of these properties averaged to as much as 32%.
If you are looking to buy a New York property, now is probably the best time to do so. Aside from low home prices, interest rates are also very low.
Start the process here, at E-ForeclosureSearch.com. Our foreclosure listing service is one of the most accurate foreclosures list services of the Internet.
Original post: http://www.e-foreclosuresearch.com/blog/new-quandary-banks-foreclose-homes/ on E-ForeclosureSearch.com, your source of a bank foreclosures.
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