Foreclosure Homes Account for 20 Percent of All U.S. Residential Sales in Q3 2011 According to RealtyTrac(R)
Average Foreclosure Price Up 1 Percent From Q2, Down 3 Percent From Year Ago; Average Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures
(firmenpresse) - IRVINE, CA -- (Marketwire) -- 01/26/12 -- RealtyTrac® (), the leading online marketplace for foreclosures, today released its Q3 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010.
Third parties purchased a total of 221,536 residential properties in some stage of foreclosure (NOD, LIS, NTS, NFS) or during the third quarter, down 11 percent from a revised second quarter total and down 5 percent from the third quarter of 2010.
The average sales price of or bank owned was $165,322 in the third quarter, up 1 percent from the previous quarter but down 3 percent from the third quarter of 2010. The average sales price of these foreclosure-related sales was 34 percent below the average sales price of homes not in foreclosure, matching the 34 percent foreclosure discount in the second quarter but below the 37 percent discount in the third quarter of 2010.
"While foreclosures continue to represent an excellent bargain-buying opportunity for many buyers and investors, foreclosure sales accounted for a smaller share of the total market in the third quarter. That trend is not too surprising given the continued ambiguity surrounding proper foreclosure procedures -- and the ripple effect that has on sales of foreclosed properties that might have been improperly foreclosed," said Brandon Moore, chief executive officer of RealtyTrac. "The sooner the market gets more clarity about accepted foreclosure procedures, primarily through the long-promised settlement between multiple states attorneys general and major lenders, the sooner the market can more efficiently dispose of these distressed properties.
"Even with the hurdles to selling foreclosures, foreclosure sales continue to represent a historically high percentage of all sales," Moore continued. "In 2005 and 2006, foreclosure sales consistently accounted for less than 5 percent of all sales nationwide."
A total of 92,824 pre-foreclosure homes -- in default or -- sold to third parties in the third quarter, a decrease of 9 percent from the previous quarter and nearly identical to the 92,967 pre-foreclosure sales in the third quarter of 2010. Pre-foreclosure sales accounted for nearly 9 percent of all sales, the same as in the second quarter, but down from 12 percent of all sales in the third quarter of 2010.
Pre-foreclosure sales increased more than 30 percent on an annual basis in Michigan (up 68 percent), North Carolina (up 44 percent), Ohio (up 43 percent) and Georgia (up 35 percent). Pre-foreclosure sales outnumbered REO sales in several states in the third quarter, including Colorado, Florida, New Jersey and New York.
Pre-foreclosures, which are often sold via short sale, had an average sales price nationwide of $191,119, a discount of 24 percent below the average sales price of homes not in foreclosure. That was up from the 23 percent discount in the previous quarter and matched the 24 percent discount in the third quarter of 2010. Pre-foreclosures that sold in the third quarter took an average of 318 days to sell after receiving an initial foreclosure notice, up from an average of 245 days in the second quarter and average of 236 days in the third quarter of 2010.
A total of 128,712 sold to third parties in the third quarter, down 13 percent from the second quarter and down nearly 8 percent from the third quarter of 2010. REO sales accounted for nearly 12 percent of all sales in the third quarter, down from 13 percent of all sales in the previous quarter and down from nearly 18 percent of all sales in the third quarter of 2010.
Nationally, REOs had an average sales price of $146,437 in the third quarter, a discount of nearly 42 percent below the average sales price of homes not in foreclosure. That matched a 42 percent discount on REOs in the second quarter, but was down from a 45 percent discount in the third quarter of 2010. REOs that sold in the third quarter took an average of 193 days to sell after being foreclosed on, up from 178 days in the second quarter and 161 days in the third quarter of 2010.
Foreclosure-related sales accounted for nearly 57 percent of all during the third quarter, the highest percentage of any state. Third parties purchased a total of 13,992 homes in foreclosure or bank owned in Nevada during the third quarter, nearly identical to the 13,858 foreclosure-related sales in the previous quarter, but up 24 percent from the third quarter of 2010.
Third parties purchased a total of 62,583 homes in foreclosure or bank owned in California, representing nearly 44 percent of the state's total residential property sales in the third quarter -- the second highest percentage of any state. decreased nearly 7 percent from the previous quarter but were up 7 percent from the third quarter of 2010.
accounted for 43 percent of all sales in the state, the third highest percentage of any state. Third parties purchased a total of 21,619 homes in foreclosure or bank owned in Arizona during the quarter, down nearly 14 percent from the previous quarter, but up 19 percent from the third quarter of 2010.
Other states where foreclosure-related sales accounted for at least 20 percent of all sales included Georgia (34 percent), Colorado (26 percent) and Michigan (23 percent).
Due to a nearly 30 percent decrease from the previous year, Florida foreclosure-related sales in the third quarter accounted for 19 percent of all sales in the state -- down from 39 percent of all sales in the third quarter of 2010.
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.
RealtyTrac () is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
Christine Stricker
949.502.8300, ext. 268
Michelle Schneider
949.502.8300, ext. 139
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Datum: 26.01.2012 - 05:01 Uhr
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News-ID 108030
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