Huge Discount in Whatcom County for Bank Owned Properties

These are difficult times that we are experiencing in the current real estate market, however there are real opportunities for the investor or home buyer to purchase properties at a discount. In an article written by Dave Gallagher of the Bellingham Herald properties purchased in Whatcom County in the second quarter of 2011 had a average discount of 32.5 %.  Most of these properties were owned by the lender. In the second quarter, Whatcom County homes in the foreclosure process or bank owned accounted for 16.2% of total sales, with an average price discount of 30.2% compared to non-distressed property according to RealtyTrac, an online company that complies foreclosure information.

Nationally, sales of homes in some stage of foreclosure or bank owned were much higher than Whatcom County, accounting for 31 percent of all sales, up from 24 percent in the second quarter of 2010.

The average price discount nationally (32 percent) was similar to the local level, according to the report.

Foreclosure related sales accounted for 65 percent of all resendential sales in Nevada in the second quarter, the highest in the U.S.

Washington state's foreclosure-related sales accounted for 25.3 percent of all sales.