Rise in foreclosure sales in Richmond area

Posted by Iva Radman – email

Foreclosure sales made up 21 percent of all home sales in the Richmond area during the second quarter, that's according to online research group, RealtyTrac.

The average sale price of a foreclosed house was around $161,000 -- that's 32 percent less than the average price of a property not in foreclosure.

RealtyTrac says the rise in foreclosure sales here means prices will either stay flat or go down even more.

Copyright 2010 WWBT NBC12. All rights reserved.