Foreclosure Account For 26 Percent Of First Quarter Sales

According to RealtyTrac’s Q1 2012 U.S. Foreclosure Sales Report, homes in some stage of foreclosure accounted for 26 percent of all residential sales during the first quarter. There were 233,299 foreclosures sold during the first three months of 2012, an increase of 8.0 percent from the fourth quarter of 2011 and virtually unchanged from the year before. Brandon Moore, RealtyTrac’s CEO, said the increase was largely due to a spike in short sales, which hit a three-year high during the first quarter. Also, the average sales price of bank-owned homes and foreclosures showed signs of stabilization. The average sales price was down just 1.0 percent from the previous quarter and fell 2.0 percent from the first quarter of 2011. More here and here.

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