Reaction NO KIDDING! It is common knowledge in Real Estate that Bank owned properties sell for less than market price since they have been under maintained for an extended period of time and both the bank/lender and the owner have taken big time losses and want to sell the property quickly. The sale of these properties below market price and their condition drives the price of other houses down.
So, the question for homeowners is what’s going on in my neighborhood and town. The following chart shows repossession activity by town as of Jan 31, 2010 and as of September 30, 3010. The key numbers to watch are repossessions as % of properties for sale and is repossession activity increasing or decreasing. See activity in your town at the link above.
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