Oct 06, 2010
Foreclosures selling for 1/3 off, made up 23 percent of sales in Virginia
06 Oct 2010
Posted by VAR
Virginia properties in foreclosure sold for about 30 percent less than the average sales price of non-forclosure sales. Foreclosures also made up 23 percent of all sales in Virginia in the second quarter.
Foreclosures are driving down sales prices, especially if the non-forclosure property is in the same neighborhood as a foreclosed property.