Foreclosure Sales Fall, Prices Climb In Second Quarter

RealtyTrac’s Q2 2012 U.S. Foreclosure Sales Report found foreclosure-related sales fell in the second quarter. Sales of homes in some stage of foreclosure accounted for 23 percent of all residential sales, up from 22 percent in the first quarter. But though they increased as a share of total sales, the number of foreclosure-related sales was actually down, falling 12 percent from the previous quarter and 22 percent from the year before. It was the first annual decrease in foreclosure sales following five quarters of increases. Prices, on the other hand, rose 6.0 percent from the previous quarter and 7.0 percent from year-before levels due to fewer foreclosures on the market. It was the first annual increase in average price since 2010 and the largest increase since 2006. Daren Blomquist, RealtyTrac’s vice president, said given the shortage of supply and strong buyer demand in the second quarter, it’s no surprise that the average price rose on both a quarterly and annual basis. More here.

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