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Many States See Deep Discounts on Foreclosures

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Many States See Deep Discounts on ForeclosuresForeclosed homes in Ohio offered the largest discount over other properties in the first three months of 2011, with an average savings of 41 percent, according to new statistics from the foreclosure monitoring firm RealtyTrac. This was a decline from the 42 percent seen at the end 2010, but up slightly from the first quarter of that year.

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Illinois came in just behind Ohio, with an average discount of slightly less than 41 percent, the report said. That was an increase from the 38 percent seen in same period last year and the fourth quarter of 2010. Meanwhile, Kentucky was third in the nation with an average price drop of 39 percent, which was down from 42 percent in the fourth quarter.

States such as Maryland, Tennessee, Wisconsin, Delaware, Pennsylvania, Oklahoma and Louisiana all saw average discounts of more than 35 percent on foreclosure homes, the report said.

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Foreclosure has been a major problem across the country in recent years, with states such as Arizona, California, Florida and Nevada most affected by the housing crisis.

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