News on Foreclosures for June 2012

10 States With the Most Foreclosure Sales


Foreclosure sales are making up a bigger bulk of sales. In the first quarter of this year, sales of homes in some stage of foreclosure accounted for 26 percent of all residential sales, which is up from 22 percent in the fourth quarter of last year, according to RealtyTrac’s latest foreclosure report.

But in some housing markets, foreclosures are making up an even bigger bulk of sales. For example, in Nevada, foreclosure sales made up 56 percent of all residential sales in the first quarter—the highest percentage in the country when compared to any other state.

According to RealtyTrac’s first quarter report, the following are the 10 states with the highest percentage of foreclosure sales. Besides the Latest news, do you need Help finding Foreclosures in Your Area? Check this out!

Nevada: Foreclosure sales accounted for 56% of all residential sales

California: 47% of all residential sales

Georgia: 46% of all residential sales

Arizona: 40% of all residential sales

Michigan: 39% of all residential sales

Illinois: 31% of all residential sales

Colorado: 30% of all residential sales

Wisconsin: 28% of all residential sales

Oregon: 27% of all residential sales

Minnesota: 27% of all residential sales

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Distressed Homes Make Up a Quarter of Home Sales


About one in four home sales during the first quarter of this year was in some form of foreclosure, according to RealtyTrac. A growing number of those distressed sales were also from short sales, the newly released report shows.

Distressed properties—either bank-owned, in default, or scheduled for auction—accounted for 26 percent of all residential sales during the first three months of this year, which is up 8 percent from the previous quarter, according to RealtyTrac.

Short sales made up a bigger bulk of that number—12 percent of all home sales—and reached a three-year high during the first quarter of this year. The percentage of short sales rose 25 percent compared to a year earlier.

Short sales in the first quarter sold for an average price of $175,461 (which is the lowest average ever recorded by RealtyTrac since 2005). Meanwhile, foreclosures in the first quarter sold for an average of $161,214, which is 27 percent below the average price of a non-foreclosure, according to RealtyTrac.

"Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions," says Brandon Moore, chief executive of RealtyTrac

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