With foreclosures flooding the real estate market, prices of distressed properties in Palm Beach County are plunging, research firm RealtyTrac says in a report to be released today.
The average price of a foreclosure sold in Palm Beach County in the second quarter was $116,642, down from $142,997 a year ago. And the discount for foreclosure sales compared to non-foreclosure sales widened to 38 percent this year from 23 percent a year ago.
“Lenders are getting more aggressive about getting them sold,” said Daren Blomquist, spokesman for Irvine, Calif.-based RealtyTrac. “It’s definitely not at the point where it looks like a fire sale, but those prices are coming down.”