PHOENIX – Ariz. - RealtyTrac has been crunching the numbers and in the first quarter of this year foreclosure sales accounted for 45 percent of all residential sales in Arizona.
The state was just edged out by California and has the third highest percentage in foreclosure sales in country.
New York had the lowest, just under seven percent.
According to RealtyTrac, the foreclosures in Arizona are selling at a discounted rate of 25 percent less than other home sales.
As painful as that is for your home value in the short term, there is a long-term benefit.
Daren Blomquist, director of Marketing Communications at RealtyTrac, explains, "It means my home value might take a hit but it also means I am getting someone in that house, in that neighborhood who can afford it and will start mowing the lawn and start taking care of the property."
Read on.
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