Posted by Jonathan J. Miller -Wednesday, June 30, 2010, 12:01 AM
“First time homebuyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts,” said James J. Saccacio, chief executive officer of RealtyTrac. “As lenders have begun repossessing homes at record levels over the first half of 2010, it will be interesting to watch how they will manage the inventory levels of distressed properties on the market in order to prevent more dramatic price deterioration.”
- Average sales price in some stage of foreclosure was nearly 27 percent below the average sales price of properties not in the foreclosure process.
- Foreclosure sales increase 2,500 percent from 2005 to 2009
- A total of 232,959 U.S. properties in some stage of foreclosure
- Foreclosure sales accounted for 29 percent of all sales in 2009, up from 23 percent in 2008 and up from 6 percent in 2007
- Ohio, Kentucky, Illinois post highest foreclosure discounts (39%)
- Foreclosure sales accounted for 64 percent of all sales in Nevada, the highest in the nation
It doesn’t look very good for housing. However, the sooner these properties work their way through the system, the sooner we’ll see a housing market recovery.