Arizona REO Prices Spike 15% in 3 Days: ForeclosureDataOnline
While real estate prices are down as a whole for the first three days of November, prices in the foreclosure market grew over the same period, according to data from ForeclosureDataOnline.com. Prices for real-estate owned (REO) property in Arizona jumped 15.51% to $285,257 for the first three days of November, compared to October’s average of $246,944. California’s average price for REO properties increased 1.83% to $363,133; Nevada’s grew 1.45% to $310,943; Texas’ average REO price increased 1.27% to $134,125; and Florida had a 1.05% increase to $230,995. REO prices dropped in only three states so far in November, according to the data. Maine’s average REO price dropped 1.88% to $114,547; West Virginia saw a 0.72% decrease to $108,022; and the state of Washington’s average REO price fell 0.6% to $283,037. As moratoria, modifications and other factors slow foreclosures, a smaller number of properties in these markets have boosted prices, according to ForeclosureDataonline.com. “Foreclosure sales also appear to be an excellent investment as prices are still below fair market value and are climbing every month,” according to the report. Write to Jon Prior.