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TOPIC: House foreclosures are a quarter of all U.S. home

House foreclosures are a quarter of all U.S. home #75

  • JillK
The online foreclosure industry site, RealtyTrac, recently released its quarterly report on the industry, concluding that more than one in four residential home bargains in the U.S. during the first quarter were sales of foreclosure houses. A glut of foreclosures will lower the cost of houses and hold back market recovery. Last week's Labor Department report
showed further slowing in the recovery of the nation's jobs industry. The sluggish financial recovery proceeds at snail's pace. Source of article: why ever verify

More foreclosures sold

About 26 percent of all homes were foreclosures in the first quarter of 2012 sales, according to the quarterly Foreclosure Sales Report. That is four percent higher than it was a year ago and one percent higher than it was last quarter.

The average cost was $161,214 for bank-owned or foreclosed on houses. That is a 2 percent decrease from last quarter and 2 percent from the first quarter of 2011.

Banks doing short sales

To be able to avoid getting repossessed by the bank, more owners are selling in pre-foreclosure, according to Brandon Moore, RealtyTrac/s chief executive officer:

"Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure -- typically via short sale. Those pre-foreclosure sales hit a three-year high in the first quarter, even as the average pre-foreclosure sales price dropped to a record low for our report."

The average price of pre-foreclosure houses was $175,461 in the first three months of 2012. A year ago, that was 10 percent higher. During the last quarter of 2011, it was 4 percent more.

In contrast to a year ago, there were 25 percent more pre-foreclosure home sales. There was 16 percent more from the fourth quarter of 2011.

Looking at REO

It seems that there must be a backlog of REO homes to sell in a ton of regions considering the number of bank-owned homes is leveling off and Real Estate Owned, or REO, homes were up in 21 states. That means that the homes were legally repossessed and did not sell at auctions.

Some Specifically stated costs

Of the states with the highest foreclosure sales as a percentage of all sales, Nevada came at top with 56 percent. California had 47 percent and GA had 46 percent making them the next two greatest states.




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