Three in Ten Home Sales in 2nd Quarter were Foreclosures | Real ...

By Dennis Norman, on August 25th, 2011

This morning, RealtyTrac released their U.S. Foreclosure Sales Report for the 2nd quarter of 2011 which shows that foreclosure sales accounted for 31 percent of all home that were sold in that quarter, down from nearly 36 percent in the previous quarter but up almost 30 percent from the year before when it was 24 percent.

Highlights from the U.S. Foreclosure Sales Report for 2nd Quarter, 2011:

• There were a total of 265,087 homes in some state of foreclosure, purchased, up 6 percent from the quarter before, but down 11 percent from a year ago.
• The average sales price of these foreclosure sale homes was $164,217, down less than 1 percent from the prior quarter and down nearly 5 percent from the year before.
• A total of 102,407 pre-foreclosure homes (in default, or scheduled for foreclosure) were sold during the quarter, an increase of 19 percent from the prior quarter but down 12 percent from a year ago.
• Pre-foreclosure sales accounted for 12 percent of all home sales, the same as the prior quarter but up from 10 percent a year ago.
• Some of the states with the biggest quarterly increases in pre-foreclosure home sales included Nevada with a 43 percent increase, Washington with a 39 percent increase, California with a 38 percent increase, and Texas with a 34 percent increase.
• Pre-foreclosures, which are often sold via short sale, had an average sales price nationwide of $192,129, a discount of 21 percent below the average sales price of non-foreclosure homes. That discount was up from a 17 percent discount in the previous quarter and a 14 percent discount in the second quarter of 2010.
• Pre-foreclosures sold in the second quarter took an average of 245 days to sell after receiving the initial foreclosure notice, down from an average of 256 days in the first quarter ? following three straight quarters of increases in the average time to sell pre-foreclosures.
• A total of 162,680 bank-owned (REO) homes sold to third parties in the second quarter, virtually unchanged from the 162,900 in the first quarter and down 10 percent from the second quarter of 2010. REO sales accounted for 19 percent of all sales in the second quarter, down from 23 percent of all sales in the first quarter but up from 15 percent of all sales in the second quarter of 2010.
• Nationally, REOs had an average sales price of $145,211, a discount of nearly 40 percent below the average sales price of non-foreclosure homes. This is an increase from a 36 percent discount in the previous quarter and a 34 percent discount in the second quarter of 2010. REOs that sold in the second quarter took an average of 178 days to sell after being foreclosed on, up from 176 days in the first quarter and up from 164 days in the second quarter of 2010.

Metros with biggest foreclosure discounts
Among metropolitan statistical areas with at least 100 foreclosure-related sales during the second quarter, the Louisville, Ky., metro area posted the biggest foreclosure discount. Third parties purchased a total of 527 homes in foreclosure or bank owned in the metro area during the quarter at an average sales price of $85,211 ? 54 percent below the average sales price of non-foreclosure homes.

The Sebastian-Vero Beach metro area in Florida documented an average foreclosure-related sales price of $97,175, a 53 percent discount, and the Saginaw, Mich., metro area documented an average foreclosure-related sales price of $48,977, also a 53 percent discount.
Other metro areas with a foreclosure discount of 50 percent or more were Milwaukee (51 percent), Pittsburgh (51 percent), and Kalamazoo, Mich. (50 percent).

	Q2 2011 Total Foreclosure (FC) Sales
State	# of FC Sales	%? from Q1 11	%? from Q2 10	Pct. of All Sales	Avg FC Sales Price	Avg FC Discount%	Avg REO Discount%	Avg Pre-FC Discount%
U.S. Total	265,087	6.48	-11.07	31.32	$164,217	32.06	39.92	20.51
Alabama	1,229	-1.68	-14.77	24.22	$122,520	26.62	27.34	24.08
Alaska	252	27.92	-10.00	11.95	$241,841	11.17	8.77	16.47
Arizona	25,756	15.78	16.07	56.64	$123,618	31.57	35.32	26.05
Arkansas	989	10.87	-18.67	18.67	$114,421	25.97	29.14	20.81
California	69,897	12.12	-0.25	51.31	$242,257	43.32	49.64	35.95
Colorado	8,044	3.51	5.23	35.90	$170,317	33.61	37.05	30.03
Delaware	476	32.59	24.93	22.08	$147,741	41.57	43.03	33.84
Florida	34,558	-4.96	-22.47	35.06	$114,894	33.40	39.92	25.75
Georgia	10,485	16.89	-15.62	38.42	$118,999	37.30	41.54	33.03
Hawaii	743	4.50	4.21	21.41	$347,428	23.75	28.53	16.22
Idaho	2,053	8.00	-12.15	29.59	$138,864	18.89	22.37	16.12
Illinois	9,355	5.79	-11.61	34.01	$129,949	43.62	49.89	24.44
Indiana	2,367	-18.13	-48.76	18.73	$99,863	32.79	30.79	36.93
Iowa	969	30.07	21.13	9.39	$94,640	32.68	35.74	22.94
Kentucky	916	7.51	-30.82	16.49	$91,298	47.67	51.58	32.76
Louisiana	930	13.55	-3.93	14.77	$121,506	34.12	39.12	23.84
Maine	91	2.25	-47.40	7.80	$160,451	18.13	20.51	16.83
Maryland	3,866	1.82	-25.57	23.47	$178,615	42.32	48.48	36.11
Michigan	11,668	-1.97	-22.15	40.61	$70,765	40.17	45.95	13.74
Minnesota	3,147	0.25	-17.27	24.93	$139,585	26.49	30.89	9.22
Mississippi	99	4.21	-41.76	9.45	$145,331	20.69	9.97	39.22
Missouri	3,889	9.06	-0.59	23.03	$98,550	36.59	33.09	43.19
Montana	265	16.23	25.59	10.13	$185,166	8.02	5.56	19.91
Nebraska	124	-46.32	-42.33	4.58	$124,501	20.35	29.84	16.92
Nevada	15,685	23.86	30.71	65.43	$121,852	22.02	24.97	18.03
New Hampshire	324	0.62	-50.38	10.88	$155,193	36.82	44.87	28.55
New Jersey	2,377	-24.94	-46.42	14.96	$206,854	43.04	53.53	31.41
New Mexico	608	7.61	-14.00	12.94	$171,385	15.21	5.74	21.18
New York	1,838	-14.51	-42.65	8.35	$278,852	34.90	52.99	24.34
North Carolina	3,320	-4.05	-32.11	13.92	$148,773	27.45	33.81	15.70
Ohio	6,868	-0.20	-28.55	23.71	$76,950	44.18	49.04	29.10
Oklahoma	1,193	0.76	-5.24	14.25	$97,441	35.39	40.30	27.26
Oregon	3,312	4.38	-11.06	33.41	$166,550	30.43	33.72	23.45
Pennsylvania	3,707	3.52	-3.81	14.30	$114,423	40.44	45.16	28.46
South Carolina	2,433	-7.03	-17.33	21.24	$137,290	29.48	33.19	20.22
Tennessee	3,838	5.18	-27.94	19.18	$98,415	41.16	41.43	39.24
Texas	11,517	12.87	-9.71	14.01	$129,585	34.91	34.83	35.03
Utah	2,141	5.31	-34.79	26.85	$199,063	4.45	2.39	6.02
Virginia	5,131	-4.58	-24.10	26.11	$209,726	39.99	45.38	29.83
Washington	5,384	20.72	22.61	25.27	$200,492	30.40	33.50	22.76
Wisconsin	2,286	-4.75	-9.43	23.85	$101,751	41.68	46.69	31.88
Wyoming	175	31.58	96.63	13.76	$138,547	34.37	34.43	N/A

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Related Posts

1. Foreclosures account for 28 percent of all home sales in first quarter 2011; Selling at discount of 27 percent
2. Buyers of distressed properties in third quarter reaped largest discount in five years
3. Nearly 233,000 Foreclosure and Bank-Owned Homes Sold in First Quarter
4. Foreclosures in third quarter 2009 increase 23 percent from a year ago
5. Foreclosure homes account for 26 percent of all 2010 sales

Source: http://realestateconsumernews.com/real-estate-market/three-in-ten-home-sales-in-2nd-quarter-were-foreclosures/

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