Foreclosure properties — bank-owned homes and those in some stage of foreclosure — continued to make up a large number of all home sales across the country. And with discounts averaging 27% below the average price of homes not in foreclosure, they weighed heavily on prices. Below is an outline of the Q1 2011 foreclosure sales in Colorado and the discount these distressed properties commanded (source MSN Real Estate).
State: Colorado    ———–      No. of sales: 4,032 Â
Avg. sales price: $176,291Â ———-Â Â Avg. discount: 29.52%Â
In Steamboat:
Discounted prices coupled with competitive loan conditions attract buyers to distressed properties in Steamboat Springs. More and more units are sold and the inventory of active bank-owned properties continues to decrease. The numbers tell the story: In the first quarter of this year, 45 bank-owned properties were sold, a significant increase from the first quarter of 2010 (with only 10 bank-owned properties sold). Accordingly, the number of active listings of bank-owned properties has been declining steadily since the beginning of 2011. The month of January was marked with an average of 50 bank-owned residential units on the market. By the end of March, this number has decreased 26% to only 37 residential bank-owned listings. Currently there are only 29 bank-owned residential units and 12 bank-owned land listings.
If you would like to learn more about current foreclosures, call an agent from Buyer’s Resource Real Estate of Steamboat at 970.870.8885. You can also pick up an updated foreclosure list from our office at 56 9th street, downtown Steamboat Springs, next door to the Off the Beaten Path Bookstore.
To receive a weekly foreclosure list update via email, please send a request to Gery Smith
Source: MLS Steamboat Springs and MSN Real Estate
Tags: bank owned properties, currently on the market, discounted properties, foreclosures, Steamboat, Steamboat Springs, updates
