Big Discounts for Florida Bank Owned Homes

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

Potential buyers of Florida bank owned homes, such as:

• Parents of University of South Florida students
• Veterans, military retirees and reserve personnel who like to be near McDill Air Force Base
• Adults preparing for retirement free from the back-breaking task of snow shovelling
• Artists looking a place where the cosmopolitan meets the rural and where art abounds in nature, historic sites and in man-made structures
• Individuals, couples, and families looking for lakefront, beachfront, golf community, or nature preserve community homes
• Or just plain smart real estate investors,

the Florida real estate market still abounds with bank owned single-family homes, condos, co-ops, townhomes and commercial properties that they can buy at significant discounts. Lots of new homes and non-foreclosure existing homes are also available for those not inclined towards foreclosed properties.

As reported by RealtyTrac, Florida was among the top ten states which gave substantial discounts to buyers of foreclosure homes in the second quarter this year. Florida homebuyers were able to take advantage of discounts at an average of 33.4 percent and an average foreclosure price of $114,894.

Here are the top ten states with the biggest percentage of foreclosure sales in comparison to their total home sales in the second quarter, including their average foreclosure discounts:

State	Foreclosure sales	Average Foreclosure Sale
	over total sales	Discount
Nevada	65.43 %	22.02 %
Arizona	56.64 %	31.57 %
California	51.31 %	43.32 %
Michigan	40.61 %	40.17 %
Georgia	38.42 %	37.3 %
Colorado	35.9 %	33.61 %
Florida	35.06 %	33.4 %
Illinois	34.01 %	43.62 %
Oregon	33.41 %	30.43 %
Idaho	29.59 %	18.89 %

Among these ten states, Florida was second in the number of foreclosure homes sold. It sold 34,558 units, second to California’s sale of 69,897 units and higher than Arizona’s sale of 25,756 units. These foreclosure homes are either in the stage of pre-foreclosure, foreclosure or already real-estate owned (REO).

The discounts for Florida bank owned homes were even higher. The average discount given to buyers of REO homes in the second quarter was 39.92 percent. Among the ten states with substantial foreclosure sales, Florida’s REO discount was the fifth highest.

Average rates of discounts given to buyers of bank owned homes in the second quarter:

Illinois	49.89 %
California	49.64 %
Michigan	45.95 %
Georgia	41.54 %
Florida	39.92 %
Colorado	37.05 %
Arizona	35.32 %
Oregon	33.72 %
Nevada	24.97 %
Idaho	22.37 %

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