Fewer Foreclosures Now, but They're Selling for Less

foreclosure in new canaan ct

By Christine DiGangi

The number of distressed properties last month decreased 27 percent from September 2012, with a little less than 1.3 million properties in some stage of foreclosure (default, auction or bank owned). That's one in every 998 homes in foreclosure across the nation. Data from real estate site RealtyTrac showed that while foreclosures were up 2 percent from August, filings have continued to fall over the course of this past year. Prices of those foreclosed homes have also declined, in conjunction with rising values of non-distressed properties, resulting in a more significant discount.

In August, the most recent sales data available on RealtyTrac, the discount on foreclosed homes was 39.5 percent, or an average of $73,900. That's an increased discount of $3,900 (5.6 percent) from last year, at a median sale price of $113,000. The median sale price for a non-distressed property in August was $186,900.

But the news isn't good everywhere. Foreclosure activity spiked 104 percent in Nevada from July to August, as it overtook Florida as the state with the most foreclosures. It remained on top in September with activity increasing 44 percent from August. With 1 in every 249 properties in foreclosure, Nevada's foreclosure rate is up 97 percent from September 2012.

Florida, Illinois, Maryland and New Jersey join Nevada as the five states with the highest foreclosure rates. In June, 1 in every 328 Florida homes had a foreclosure filing, and the rate has declined to 1 in 406 in September.

Below, AOL Real Estate has selected a gallery of higher-end foreclosed homes that are for sale in the 10 states with the most foreclosures on the market, as of September.

10 States With the Most Foreclosures
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Fewer Foreclosures Now, but They're Selling for Less

Price: $7.9 million

Address: 10 Edgewater Drive, Coral Gables, Fla. 33133

The listing for this penthouse brags of "spectacular unobstructed views of Biscayne Bay, Atlantic Ocean, and the city."

See more photos of this home for sale in Coral Gables.

Price: $1,999,900

Address: 8390 W. Windmill Lane, Las Vegas, Nev. 89113

This six-bedroom, 11-bathroom hacienda-style home is part of a 4-acre equestrian estate that includes a covered riding arena, hay barn and stables.

See more photos of this home for sale in Las Vegas.

Price: $3,890,000

Address: 703 Abell Ridge Circle, Towson, Md. 21204

Described in its listing as a "historic and architecturally significant Beaux Arts manor home, meticulously restored to its original grandeur," it not only has six bedrooms and eight bathrooms, but 10 fireplaces.

See more photos of this  home for sale in Towson.

Price: $624,900

Address: 1253 N. Bosworth Street Chicago, Ill., 60642

This duplex penthouse "in the heart of West Town" is touted by its listing as a Fannie Mae HomePath property that can be purchased with a 3 percent down payment.

See more photos of this home for sale in Chicago.

Price: $545,000

Address: 2600 Bexley Park Road, Columbus, Ohio 43209

This 4,573-square-foot home in Ohio's capital has five bedrooms and four baths, and is set on about a quarter acre.

See more photos of this home for sale in Columbus.

Price: $1.7 Million

Address: 279 Old Stamford Road New Canaan, Conn. 06840

This four-bedroom, five-bathroom Colonial-style home was built in 2000 and is set at the end of a private road. Its 4,688 square feet of open-plan living space includes a large walk-in closet and the master bedroom features a fireplace.

See more photos of this home for sale in New Canaan.

Price: $624,900

Address: 205 Summit Road, Mount Laurel, N.J. 08054

Set on about a half-acre, this 4,756-square-foot home was built in 1990. Along with a balcony that overlooks its "great room," the five-bedroom, five-bathroom showplace has a double staircase and a circular driveway.

See more photos of this home for sale in Mount Laurel.

Price: $439,900

Address: 22597 Huff Road Milton, Del. 19968

Set on a 2.47-acre lot, this three-bedroom, four-bathroom house was built in 2006, and its listing promises "upgrades galore."

See more photos of this home for sale in Milton.

Price: $404,900

Address: 1761 Golden Field Drive, Greenwood, Ind. 46143

This four-bedroom, four-bathroom ranch-style house near Bloomington is touted in its listing as having a full basement and easy access to main roads.

See more photos of this home for sale in Greenwood.

Price: $449,900

Address: 1003 Englewood Court, Summerville, S.C. 29483

Built in 2006, this five-bedroom, four-bathroom home is set on a little less than an acre.

See more photos of this home for sale in Summerville.


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