A new survey shows the average price of foreclosed homes in Trenton, N.J., is showing the biggest drop in the nation.
The latest data from housing research company RealtyTrac shows a 68 percent discount in the price of foreclosed homes compared with other homes on the market in the Trenton area.
“A lot of it has to do typically with these discounts that the properties are not in great condition,” said Daren Blomquist, a RealtyTrac vice president. “So the person who’s buying it is willing to buy it, but they want a discount because they may have to put some repairs into the property.”
Blomquist said foreclosed sales account for only about 8 percent of the Trenton market, so those sales should not depress overall home prices. There would be more of an impact if the local foreclosure rate increases, he said.