Nearly one-in-seven homes sold in the Lehigh Valley region in the third quarter were in some stage of foreclosure, and the distressed properties are selling for steeper discounts than traditional home sales, according to a new report released Thursday.
The number of distressed sales in the three month period ending Sept. 30 dropped 17.2 percent from the previous quarter, according to RealtyTrac, which monitors foreclosure activity nationally. Despite the drop in volume, distressed sales made up a larger percentage of overall sales in the third quarter because the housing market slowed significantly after federal tax credits that encouraged home-buying expired earlier this year.
The number of distressed sales in the three month period ending Sept. 30 dropped 17.2 percent from the previous quarter, according to RealtyTrac, which monitors foreclosure activity nationally. Despite the drop in volume, distressed sales made up a larger percentage of overall sales in the third quarter because the housing market slowed significantly after federal tax credits that encouraged home-buying expired earlier this year.
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