Foreclosure-related sales’ prices fall, and the discount widens in in Palm Beach County

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.”

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