Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/04/2012 list has been posted.
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A three-year high in pre-foreclosure sales, typically short sales, helped push the nation’s overall share of distressed sales up to 26 percent in the first quarter, according to a report from foreclosure data firm RealtyTrac released today.
A total of 233,299 properties sold in the first quarter were either in some stage of foreclosure, meaning they were subject to a default notice or scheduled auction, or had completed the foreclosure process and become bank-owned before being sold.
That total is virtually flat from first-quarter 2011, though it comprised a slightly higher share of overall sales — 26 percent — than in the same three-month period last year, when 25 percent of homes sold were distressed. Twelve percent of overall sales and nearly 47 percent of foreclosure-related sales last quarter were pre-foreclosure homes — a total of 109,521 properties. That’s a 25 percent increase from first-quarter 2011 and the highest total since first-quarter 2009.
At the same time, sales of bank-owned homes, also known as REOs, fell 15 percent on an annual basis, to 123,778 — 14 percent of overall sales. Homes in pre-foreclosure sold for an average $175,461 in the first quarter, down 10 percent on an annual basis and the lowest average since first-quarter 2005, when RealtyTrac first began keeping track. Pre-foreclosure properties sold for an average 21 percent less than a no distressed home in the first quarter, up from a 16 percent discount at the same time last year.
The average sales price for a bank-owned home last quarter was $147,995, up 2 percent year over year and 33 percent below the average price of a traditional home. That discount has declined from first-quarter 2011, when it was 37 percent. Foreclosure-related sales overall sold for an average of $161,214 in the first quarter, down 2 percent from a year ago and 27 percent under the average sales price of no distressed homes during the quarter.