The total number of homes in some stage of the foreclosure process (pre-foreclosure) and bank-owned homes (REOs) that sold during the second quarter of 2012 was down from the previous quarter and from the same quarter a year ago. Still, as a percentage of total residential sales nationwide, foreclosure sales were up during those same periods, according to the latest report released by RealtyTrac today.
With the inventory of pre-foreclosure (many of which become short sales down the line) and REO properties in short supply, it comes as no surprise that the average sales price for those homes rose on an annual basis for the first time in two years.
Highlights from the Q2 2012 U.S. Foreclosure Sales Report include:
- Foreclosure-related sales totaled 224,429 in the second quarter, a 12 percent decrease from the first quarter and down 22 percent from Q2 2011. This is the first annual decrease in foreclosure-related sales in five quarters.
- The average sales price on a foreclosure-related property was $170,040, up 6 percent from the previous quarter and a 7 percent increase from the same period last year.
- Homes in foreclosure or bank-owned homes sold at an average price that was 32 percent below the average price of a non-foreclosure home during the quarter (an increase from the 30 percent discount reported for the first quarter of the year).
“The second quarter sales numbers provide solid statistical evidence of what we’ve been hearing anecdotally from real estate agents, buyers and investors over the past few months: there is a limited supply of available foreclosure inventory to choose from in many markets,” said Daren Blomquist, Vice President of RealtyTrac. “Given this shortage of supply and the seasonally strong buyer demand in the second quarter, it’s no surprise that the average foreclosure-related sales price increased both on a quarterly and annual basis.”
Check out the rest of the Q2 2012 U.S. Foreclosure Sales Report to see which states ranked highest in percentage of foreclosure sales, and how your state ranked nationally in total number of foreclosure sales, average foreclosure sales price and average foreclosure discount.
Here are some other stories from the RealtyTrac Newsroom that may be of interest to you:
Oregon Appellate Court Rules Against Banks, MERS
Foreclosure Cease Fire Could Be Ending in Maryland
Woman’s Complaints Over ‘Sick’ REO Go Unanswered