Foreclosed Homes 26% of Home Sales Nationwide


Inquiring minds are looking at a report last Wednesday evening from RealtyTrac Inc. showing foreclosured homes accounted for nearly 26 percent of all U.S. residential sales during last year, according to of Irvine. That was down from 29 percent of all sales in 2009 but up from 23 percent of all sales in 2008.

Other data showed:

The report also shows that the average sales price of these foreclosure properties was more than 28 percent below the average sales price of properties not in the foreclosure process — up from a 27 percent average discount in 2009 and a 22 percent average discount in 2008.

A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure — default or scheduled for auction — sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008.

Meanwhile sales volume of non-foreclosure properties in 2010 decreased nearly 19 percent from 2009 and nearly 27 percent from 2008.

A total of 149,303 foreclosure sales were recorded in the fourth quarter, down 22 percent from the previous quarter and down 45 percent from the fourth quarter of 2009 — despite a 21 percent monthly uptick in foreclosure sales volume in December.

The numbers are deteriorating. The only numbers going the ‘right way’ are distressed sales which decreased. Unforunately, these numbers don’t mean anything since banks are holding back an incredible amount of homes in shadow inventory.

Please, someone tell President Obama so he won’t keep looking so foolish by saying that things are getting better every month.

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