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Entries in Foreclosure Sales (5)

Thursday
Dec062012

Foreclosure Sales Jump 21% in Third Quarter

iStockPhoto/Thinkstock(NEW YORK) -- The number of foreclosed homes that were sold in the third quarter shot up by 21 percent, RealtyTrac reports.

The foreclosure tracking firm says a total of 193,059 U.S. properties in some stage of foreclosure or bank-owned were sold during that time.

[CLICK HERE TO SEE REALTYTRAC'S FULL REPORT]

While the figures are a step in the right direction, "it's still not up to the heights of the foreclosure sales that we were seeing back in 2009 and 2010," says RealtyTrac Vice President Daren Blomquist.

"But there does appear to be a resurgence of banks releasing some of their foreclosure inventory for sale in the last couple of quarters," he adds.

Compared to the third quarter of 2011, foreclosures sales were down by 3 percent.

Copyright 2012 ABC News Radio

Thursday
May312012

26% of US Homes Sold in First Quarter Were in Foreclosure

iStockPhoto/Thinkstock(NEW YORK) -- Foreclosures sales are still dominating the U.S. housing market.  According to RealtyTrac, they accounted for 26 percent of all home sales nationwide in the first quarter of 2012.

Daren Blomquist with RealtyTrac says the figure is indicative of the country's sluggish economic growth.

"The housing market is going to continue to be weighed-down by these foreclosure sales, and in turn when that housing market is weighed-down that is going to weigh-down the overall economy," he explains.

So when can Americans expect relief?

"We're not going to be completely out of the woods until we get down to a point where foreclosure sales only represent about 5 percent of all sales rather than what we're seeing now is foreclosures are representing 26 percent of all sales," Blomquist says.

Noting that there's still a 17-month supply of foreclosures on the market, he says,"It's going to be at least another year and a half to two years before foreclosures stop dominating the housing market."

Copyright 2012 ABC News Radio

Thursday
Jan262012

US Foreclosure Sales Dip Slightly in 3rd Quarter of 2011; Still High

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The percentage of U.S. sales that involved residential homes in some stage of foreclosure dropped in the third quarter of 2011, according to the latest report by RealtyTrac.

The foreclosure tracking firm said Thursday that foreclosure sales fell by 2 percent from the second quarter, from 22 percent to 20 percent.  Compared to the third quarter of 2010, when they accounted for 30 percent of all sales, foreclosure sales were also down.

More than 221,000 homes nationwide were found to be in some stage of foreclosure during the third quarter of last year.  And while that number was down 11 percent from the second quarter and down five percent from the third quarter of 2010, foreclosure sales are still accounting for a large share of the market.

"That 221,000 represents 20 percent of all sales. And so, that's a high level.  In a normal, healthy market we would expect to see 5 percent of all sales be foreclosure-related," said RealtyTrac Vice President Daren Blomquist.

Western states were among the worst hit.

"The top three states in terms of percent of market-share that were foreclosure sales were, number one: Nevada, with 57 percent of all sales there were foreclosure-related.  Number two is California, with 44 percent of all sales being foreclosure-related.  And number three was Arizona, with 43 percent," he said.

But in what may be a promising sign, the average sales price of homes in foreclosure or bank-owned in the third quarter -- $165,322 -- was up 1 percent from the previous quarter.

"That is an indication that we may be getting close to a bottom, in terms of home prices with these foreclosures, which are the properties that are kind of  dragging down the rest of the housing market," Blomquist said.

It is worth noting, however, that the average sales price was down 3 percent from the same time period in 2010.

Copyright 2012 ABC News Radio

Thursday
May262011

Foreclosures Made Up 28% of Home Sales in First Quarter

ABC News(IRVINE, Calif.) -- Almost a third of all the homes sold in the U.S. during the first three months of this year were in foreclosure, according to the latest figures released Thursday by RealtyTrac.

The listing firm said foreclosed properties accounted for 28 percent of sales, the highest percentage in a year.  During the same time period in 2010, 29 percent of home sales were in foreclosure.

According to RealtyTrac, the average price of a foreclosed home in the first quarter of 2011 was $168,321, down nearly two percent from the last three months of 2010.

With bank-owned properties being priced nearly 27 percent lower than homes not in foreclosure, potential homebuyers stand to land a good deal.  However, as RealtyTrac notes, bank-owned properties continue to be a drag on the housing recovery.

“While foreclosure sales continue to account for an unusually high percentage of all residential home sales, sales volume is well off the peak we saw in the first quarter of 2009, when nearly 350,000 foreclosure properties sold to third parties,” said RealtyTrac CEO James J. Saccacio.  “While this is probably helping to keep home prices relatively stable, it is also delaying the housing recovery."

"At the first quarter foreclosure sales pace, it would take exactly three years to clear the current inventory of 1.9 million properties already on the banks’ books, or in foreclosure,” Saccacio added.

Copyright 2011 ABC News Radio

Monday
Oct182010

Bank of America to Resume Foreclosure Sales in 23 States

Photo Courtesy - Bank of America(NEW YORK) -- Bank of America plans to resubmit foreclosure affidavits in 23 states on Monday, Oct. 25.  The 50-state foreclosure freeze which began Oct. 8 will continue in 27 states until review of foreclosure files is completed on a state-by-state basis.

"We have reviewed our process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders, including our largest investors.  Accordingly, Bank of America today began the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending,"  the financial institution said in a statement Monday.

Bank of America also anticipates that the first foreclosure affidavits will be resubmitted to the courts by Monday, Oct. 25.  Upon the courts' judgments, foreclosure dates will be set and Bank of America will resume sales of foreclosed homes in 23 states.

The mortgage lender also explained its reasoning for review of its foreclosure sales process by saying, "Our decision to review our process and later, to extend our review to all 50 states, has been an important step to give customers confidence they are being treated fairly."

Copyright 2010 ABC News Radio







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