DE: Will Foreclosures Drag Down the Real Estate Market?

Compared with what’s happening across the country, foreclosure sales in Delaware make up a smaller share of total sales — even though those sales are being made at a sharper discount to overall sales, according to new research by RealtyTrac.

In Delaware, foreclosed homes accounted for 18.5 percent of first-quarter sales, compared with 27.5 nationally. At the same time, those homes sold, on average, for 36.2 percent less than the average overall price, the real estate research firm said Wednesday. Across the country, foreclosures sold at a 26.7 percent discount.

In states like Delaware where foreclosed homes are selling less quickly, experts worry that it will take longer to flush them from the system, further working against normalization.

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