Amid skyrocketing foreclosure numbers, foreclosed homes are selling for 20 percent below their market value statewide, and 13 percent less in the Baltimore metro area ? and may be driving surrounding home prices down, too.
Statewide, the average sale price of 402 foreclosure properties sold in the third quarter was $291,614.81, 79.29 percent of their market value, according to RealtyTrac, an online foreclosure database and marketplace. In Baltimore City and its five surrounding counties, the average sale price was $296,823.65, 82.75 percent below market value.
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