Foreclosed: How big is the discount?

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How deep is the discount on foreclosed houses right now? I ran some numbers on six houses and found discounts ranging from 16.6% to 41%. You can see the houses, with listing descriptions and listing prices, here.

What do I mean by discount? The decline from peak sales price to current asking price. I know, I know, most of these things sell for below the ask. So the ‘discount’ will ultimately be greater. But this is a starting point, a way to provide information about current listings in relation to past sales prices.

Pictured at left: 1828 S. Manhattan Place, Los Angeles 90019, a duplex. Sold for $680,000 in May 2006, according to Zillow.com, now listed for $579,500. Nominal discount: 17.2% from peak price.

Your thoughts? Comments? Tell me your favorite sites to search foreclosure listings. E-mail story tips to [email protected].
Photo Credit: David Silverstein