NPR logo

Foreclosures Are A Drag On U.S. Housing Prices

  • Download
  • <iframe src="https://www.npr.org/player/embed/134017774/134017769" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Foreclosures Are A Drag On U.S. Housing Prices

Business

Foreclosures Are A Drag On U.S. Housing Prices

Foreclosures Are A Drag On U.S. Housing Prices

  • Download
  • <iframe src="https://www.npr.org/player/embed/134017774/134017769" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

RealtyTrac announced Thursday that buyers got an average discount of 28 percent on foreclosed homes compared to similar properties. The price gap is a percent higher than it was the year before. RealtyTrac says the bargains are expected to continue because more foreclosures are expected this year.

STEVE INSKEEP, host:

NPR's business news starts with the price of foreclosures.

(Soundbite of music)

INSKEEP: Foreclosures keep dragging down housing prices here in the United States. RealtyTrac, which keeps tabs on this, said today that buyers got an average discount of 28 percent on foreclosed homes compared to similar properties. The price gap is one percent higher than it was even the year before, and of course when a foreclosed home is sold cheaply, it affects the value of the house next door.

RealtyTrac says the bargains are expected to continue because more foreclosures are expected this year. Many banks halted foreclosures late last year, amid allegations that they were not following proper procedures in taking back homes.

Copyright © 2011 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.