Thought you could get a good deal on a foreclosure sale, did you? Not in Orange County. According to a new report from First American researcher Chris Cagan (via Lansner on Real Estate), the median discount on a home sold in foreclosure in the OC was a mere 3.8% in the first half of 2006. The good news is that, according to the report, the greater the percentage of total sales that are foreclosures, the greater the discount. That is, the number of foreclosures correlates with the amount of the discount. The take away for all of those bargain hunters is merely to be patient and try not to snicker. As all of those funky financing schemes come crashing down on unwitting homeowners, foreclosure sales may be the way to go for the rest of us.
· O.C. Foreclosures Seen Selling at Small Discounts [Lansner on Real Estate]