Quarter of all 4th Quarter Home Sales Were in Foreclosure

Realty Trac’s 2011 Foreclosure sales report reveals that 24% of home sales in the 2011 4th quarter were in some stage of foreclosure or bank-owned properties.  These sales totaled 204,000, down 8% from the third quarter and down 2% from the 2010 fourth quarter. For all of 2011, foreclosure and bank-owned sales totaled 907,100, down 2% from 2010 and representing 23% of the 2011 total activity.  The average price for foreclosure-related sales was 29% below the average price for non-foreclosure related sales in the fourth quarter of 2011; this figure was 35% in the fourth quarter of 2010. Pre-foreclosure sales — properties under a notice of default — were 88,300, up 15% from the same period in 2010. For the fourth quarter these pre-foreclosure sales accounted  for 10% of the fourth quarter 2011 sales activity.  Nevada, California and Georgia were the leaders in foreclosure activities.  In Nevada 56% of all sales in the last quarter were foreclosure related.

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