Thursday, May 31, 2012

Short sales and other pre-foreclosure sales on the rise

More than one-quarter of all U.S. home sales in the first quarter involved homes that were either in some stage of foreclosure of were bank-owned, according to real estate research firm RealtyTrac. Twenty-six percent of 1st quarter home sales involved distressed properties, up from 22 percent during the fourth quarter 2011 and up from 25 percent of sales from a year ago.
Distressed homes sold for an average price of $161,214 in the first quarter, 27 percent less than what homes that were not in foreclosure sold for, according to RealtyTrac.
Pre-foreclosure sales including short sales ­- where the homeowner is selling a house for less than the amount owed  - also hit a three-year high in the first quarter as lenders were more willing to approve such deals, said RealtyTrac chief executive Brandon Moore.

Home sale data released recently suggest the housing market is improving. The S&P/Case-Shiller Home Price Index, for example, showed average home prices in Charlotte increased 0.4 percent in March compared to a year earlier.

Foreclosure sales were the highest proportionately in Nevada, California and Georgia, accounting for 56 percent, 47 percent and 46 percent of sales, respectively.

In North Carolina, foreclosures accounted for 12 percent of sales and in South Carolina foreclosures made up 16 percent of home sales in the first quarter.

7 comments:

Anonymous said...

Project LIFT - you can't fix stupid!

Unknown said...

Has anyone studied what happening in HOA Communities? With all the publicity about HOA abuse, we are hearing Buyers say "Not in an HOA Community .. not me!" We are working with the Legislature to bring change to HOA Laws. Join the Coalition and let's make our HOA Communities into "Neighborhoods" once again and treat each other as Neighbors ... and not as part of a "local government" with the power to take our Homes and to dictate our Lifestyles. See www.usahoalaws.org

Anonymous said...

considering the millions of bank owned properties they are slowly releasing to prevent price collapse, and the fact that the job market is not that healthy, and that prices are down well off the peak this all makes sense.

Anonymous said...

nice posting.. thanks for sharing..

Nameless said...

Regarding the post about HOA authority...if you lived next to a boarded up dilapidated home, you would change your tune very quickly. The HOAs protect YOUR home value. Residents have no other recourse to deal with such problems. The City of Charlotte is unwilling to deal with foreclosed homes because they cannot bill the banks for demolition. So your HOA is the only group who can legally do something like foreclose. This forces the banks/owners to come in and deal with problems they are currently ignoring.

toffelnigar said...

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lisa sparx said...

Our short sale agent handles negotiations with the bank. If the short sale agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer. so being with US.........short sale agent of americandestinyrealty.com.