IRVINE, CA– Jan. 26, 2012 — RealtyTrac® (www.realtytrac.com), 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 bank-owned (REO) 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 homes in foreclosure 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,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac
“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.
“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.”
For a complete copy of the company’s report and statistics, please contact:
Christine Stricker
949.502.8300, ext. 268
Michelle Schneider
Public Relations Consultant
RealtyTrac
Office: 949.502.8300 ext. 139
Mobile: 760.419.2543
Follow me at Twitter.com/michellescc1
No comments:
Post a Comment