Realty Trac just released their second quarter data. They also indicated that the average selling price of these properties was 26% below the average sale price of surrounding properties. These national trends just don’t apply in the Buffalo Niagara area at this moment in time. 48.8% of the sales in Orlando are foreclosed properties, Lakeland 45.5% and Fort Myers/Cape Coral is 43.1%. I think you can safely draw the conclusion that we are not at the bottom for the hardest hit areas.
As far as Western New York is concerned, there are foreclosed properties available for sale in the market place, however, a cursory look at the available listings indicates that foreclosure are less than 5% of the available inventory.