Foreclosures and home values

I'm researching the long-term consequences of all the foreclosures we've experienced during the last few years and have some preliminary info worth sharing. In 2008 there were 376 foreclosures in Lowell. Of those, 367 properties (98%) were purchased at the foreclosure auction by the foreclosing lender. Of that group, 355 (97%) had been resold to third parties as of August 31, 2010. The average length of time from the date of the auction to the date of the third party sale for those 355 properties was 267 days which is just about 9 months. To determine the change in value of these properties, I randomly selected 75 of them and found the city of Lowell's FY2008 assessment. That averaged $268,601. That same group of 75 properties sold to third parties, post-foreclosure, for an average of $146,992 - a 45% decrease in value.