REO Sales Becoming Bigger Part of the Local Real Estate Market
Bank-owned property sales have grown significantly in Connecticut.
Of the 5,079 single-family homes sold in the first four months of 2009, 265 – or 5.2 percent – were homes owned by lending institutions, according to a new analysis from The Warren Group.
Last year at the same time, less than 1 percent of the single-family home sales were of bank-owned properties.
Why should anyone care? Distressed property sales drag down overall home values.
In Connecticut, the median price for all single-family homes sold from January through April was $224,000.
The median price for the 265 bank-owned single-family homes that sold during that time was only $80,000 – ouch!