OfflineRealtyTrac reports that foreclosure sales made up roughly one-third of all home sales in the spring. That share dropped from the previous quarter, but is still around six times what is considered normal for a healthy housing market.
Even with investigations into the robo-signing lender practices, which is considered to have significantly slowed the pace of new foreclosures, it’s a really high percentage to see with 31% of all sales in the second quarter being foreclosures. This number peaked two years ago at 37.4%.
In the second quarter of this year, 265,087 homes were sold in some stage of the foreclosure process. While this number was 11% lower than in the same period a year ago, all other types of sales declined along with it. This spring, RealtyTrac says that a bank-owned home sold on average for 40% less than the average price of other homes. That’s up from 36% the previous quarter, and 34% from a year ago. Other numbers in the report:
- Foreclosure and short sale properties sold on average for 21% less than all home types.
- That 21% number is up from 17% in the first quarter and 14% from the same quarter in 2010.
- The average sale price of a foreclosed property was $164,217, down just 1% from the previous quarter.
While these aren’t encouraging numbers, there could be more of the same to come.
Can anyone help me understand this!?
there is still alot of money to be made if you get in NOW! Banks will still be giving away properties to get rid of inventory.
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