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Distressed Homes Sell at 26% Discount in U.S. as Supply Swells

Posted By admin On September 30, 2010 @ 8:47 am In Money Watch | Comments Disabled

Dan Levy
Bloomberg [1]
Thursday, September 30, 2010

Homes in the foreclosure process sold at an average 26 percent discount in the second quarter as almost one-fourth of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc.

A total of 248,534 homes that sold in the period had received a default or auction notice or been seized by banks, RealtyTrac said in a report today. The number was up 5 percent from the first quarter and down 20 percent from a year earlier, according to the Irvine, California-based data seller.

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Distressed Homes Sell at 26% Discount in U.S. as Supply Swells 260310banner2 [2]

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“We’re still clearly building up more distressed inventory,” Rick Sharga, RealtyTrac’s senior vice president, said in a telephone interview. “That will either put downward pressure on prices or keep them from going up.”

The discount reflects the average sales price of homes in the foreclosure process compared with properties not in distress, according to RealtyTrac. About 24 percent of all homes sold were in some stage of foreclosure, down from 31 percent in the first quarter. The average price of a distressed property was $174,198, up from $171,971, the company said.

Full story here. [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2010-09-30/distressed-u-s-homes-sell-at-26-discount-as-foreclosure-supply-increases.html

[2] Image: http://purewaterfreedom.com/

[3] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[4] Record Number of Foreclosed Homes Seized by Banks in May: http://www.prisonplanet.com/record-number-of-foreclosed-homes-seized-by-banks-in-may.html

[5] March Foreclosures Surge To Absolute Record, At 369,491, 19% Jump from February: http://www.prisonplanet.com/march-foreclosures-surge-to-absolute-record-at-369491-19-jump-from-february.html

[6] RealtyTrac Reports Q3 Foreclosures Hit All Time Record… Just In Time For The Plunge: http://www.prisonplanet.com/realtytrac-reports-q3-foreclosures-hit-all-time-record-just-in-time-for-the-plunge.html

[7] U.S. Foreclosures Rise 55%, Bank Seizures Reach High: http://www.prisonplanet.com/us-foreclosures-rise-55-bank-seizures-reach-high.html

[8] U.S. home foreclosures reach record high in second quarter: http://www.prisonplanet.com/u-s-home-foreclosures-reach-record-high-in-second-quarter.html

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