IRVINE, CA, May 30, 2013 — RealtyTrac® (www.realtytrac.com), the leading online
marketplace for foreclosure properties and real estate data, today released its
Q1 2013 U.S. Foreclosure & Short Sales Report™, which shows a total of
190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were
sold during the quarter, a decrease of 18 percent from the previous quarter and
down 22 percent from the first quarter of 2012.
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| Daren Blomquist |
“We expected foreclosure-related sales to be lower given the
downward trend in new foreclosure activity nationwide over the past two and a
half years, but the decrease in non-foreclosure short sales was a bit of
surprise given the 11 million homeowners nationwide still underwater,” said Daren
Blomquist, vice president at RealtyTrac.
“Rising home prices in many markets are stunting the
continued growth of short sales by reducing incentive for both underwater
homeowners and lenders.
”Underwater homeowners may be willing to stick it out a few
more months or even years in the hope that they will be able to walk away with
money at the closing table and without a hit to their credit rating, and for
lenders a failed short sale may no longer translate into bigger losses down the
road, given that average prices of bank-owned homes are rising — at a faster
pace than non-distressed home prices in many markets.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
Ginny Walker
949.502.8300, ext. 268
Data and Report Licensing:
Data Sales Department
800.462.5193
