Foreclosure Sales Discounted 5.5%
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Buyers seeking foreclosure properties in Los Angeles County can expect a discount of 5.5% from the home’s open market value, according to a study by Experian RES, a real estate information company.
In Orange County, buyers will find a discount of 3.1%, the lowest in the 14 major metropolitan counties included in the survey.
The biggest foreclosure discount found in the study--10.7%--was in San Bernardino County, Experian analyst Nima Nattagh said.
The study looked at 3,600 foreclosure sales in 1997 by the Department of Veterans Affairs, Department of Housing and Urban Development, Fannie Mae and Freddie Mac, Nattagh said.
Nationally, foreclosed homes sold at an average discount of 6% to the open market value, he said.
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