If you are in an area that is really getting ugly those deals can help determine what it is not worth. If the sale was well attended and the bank bid wins, it is an indication it is worth less than that.
It is not bad where I am (yet) but in mid 80's we were grasping at any information available to help.
It is going to be interesting. Just looked at the MLS listings on a newer subdivision (45 homes of which around 30 are built over the last 18months). 15 sold in last 18 months, presently, there are 12 listings, (a couple still being built and not listed, sold as vacant with builder reserving right to construct home on it). Of the 12 active listings, as of today 9 are foreclosures listed at anywhere between 15-28% below the listing price of the rest of the new homes. Of the sales in the last 6 months, 4 are foreclosures including one pending.
Going to be interesting to see how the rest of this sub. will react to the lower listing prices of the foreclosures. Also going to be interesting to see if ANYONE is interested in the higher priced homes, or if they prefer the lower priced foreclosures (btw, some of the foreclosures have never been lived in).