PROVIDENCE, R.I. – Bank owned properties or short sales now account for 37 percent of all real estate transactions in Rhode Island, according to Realty Trac, the nation's leading online marketplace for distressed properties.
That's the 4th highest percentage in the country - behind Nevada, Arizona and California. Realty Trac communications director Daren Blomquist says
buyers are scooping up distressed properties at discounts ranging from 15 to 27 percent.
"Buyers who are out there have the upper hand and when they're coming in the market and looking for property they want a discount," Blomquist says. "So that's why they're gravitating towards the foreclosures. So the reason the foreclosure percentage is so high is because that's kind of the hot commodity on the market right now."
Foreclosed properties in Rhode Island are selling for an average of just under $125,000.