RealtyTrac, one of the leading online marketplaces for foreclosure properties released its first U.S. Foreclosure Sales Report, which shows that foreclosure homes accounted for 31% of all residential sales in the first quarter of 2010, and that the average sales price of properties that sold while in some stage of foreclosure was nearly 27% below the average sales price of properties not in the foreclosure process.
Foreclosure sales accounted for 64% of all sales in Nevada in the first quarter, the highest percentage of any state. California posted the second highest percentage, with foreclosure sales accounting for 51% of all sales there in the first quarter Other states where foreclosure sales accounted for at least one-third of all sales were Massachusetts, Rhode Island, Florida, Michigan, Georgia, Illinois, Idaho and Oregon.
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Posts Tagged ‘California’
Foreclosure Sales Report
Ten States Account for 70% of Nation’s Foreclosures
According to Realty Trac, California accounted for 23% of the nation’s foreclosures for the first quarter of 2010-The highest foreclosure activity in the nation. Florida claimed the number two position followed by Arizona.
Despite close to a 5% decrease in foreclosure activity from the previous quarter, Illinois had the fourth highest foreclosure activity in the nation. Folloowing its decrease from the previous quarter, its increase was 17% over the first quarter of 2009.
Michigan, in fifth place, was up 38% from the first quarter of 2009 and 11% from the last quarter of 2009.
The following states round out the top 10 with foreclosure activity nationally: 6th-Georgia, 7th-Texas, 8th-Nevada, 9th-Ohio and 10th-Colorado.
One could surmise from the volatility of the numbers from quarter to quarter and year over year that we are not at a place called “market stability” yet.
Keep Your Eye on The Foreclosure Numbers
Foreclosure trends for the month of February, 2010 show 47, 035 Notices of Default nationally, with 30, 881 in California and 1, 573 in Orange County. Notices of Trustee Sales show 86,595 nationally, with 26,591 in California and 1,493 in Orange County. Bank owned properties nationally came in at 80,232 with 12,591 in California and 400 in Orange County.
According to many real estate experts, 2010 will be a good time to buy a foreclosure or pre-foreclosure home, an investment property or a vacation rental.
California Foreclosure Activity Rises in First Quarter
California Foreclosure activity has risen in the first quarter of 2010. California, thus, maintains its status as the nation’s foreclosure leader for the 16th consecutive quarter. There had been a 17% decline in the number of foreclosures in the third and fourth quarters of 2009, but the numbers began moving up again in the first quarter of 2010.
Are we headed for a new real estate decline? The rise in foreclosures coupled with the end of the first-time homeowners tax credit may see a waning demand for homes. This could lead to another softening of prices.
53 Offers, Can you believe it??
I thought this was incredible. My granddaughter’s daddy works in the foreclosure market. He went out for dinner the other night after entering a new listing into the MLS. When he came home his office floor was covered with faxes (all mixed up) representing 53 offers. Price $280,000. Ultimate sales price $370,000 (all cash) quick close. That beats the most offers in my career. Properties in foreclosure under $500,000 in California are selling (the big majority) with multiple offers. The buyers are in recognition of the incredible opportunity they have and acting on that recognition. Lesson: You never know, if the market has bottomed out until you turn around and you are heading uphill, once again. He who hesitates is going to pay more.
Barbara Amstadter
Named 2009 "Realtor of the
Year", Barbara
Amstadter is a name well recognized in the local community. She served as a co-founder of the "Committee of 4000", representing the owners of 4000 leasehold parcels in a legal fight for "leaseholder" rights. She helped negotiate the final monetary settlement, the largest in US history at the time.
Susi Scholl
Susi brings extensive
backgrounds in escrow
and new home sales to the 22 year successful partnership of Barbara and Susi. She is, also, a recipient of the 15 year "Legend" award (bestowed on only 3 agents out of 66,000 worldwide at the time). Susi and Barbara have been ranked in the top 1% of realtors internationally year in and year out.
