Oct
06

Homes in Foreclosure Typically Sell for 26% Less Than Non-Distressed Homes

By
– BuilderOnline.com

You know the housing market is seriously topsy-turvy when Nevada’s percentage of foreclosure sales (56%) relative to the larger market represents an improvement in the latest RealtyTrac data.

“One year ago, it was 65%,” Daren Blomquist, RealtyTrac’s director of marketing communications, told BUILDER Thursday, after the Irvine, Calif.-based data firm released its 2010 second-quarter statistics for foreclosure sales. According to the firm, more than 248,000 distressed properties (in default, scheduled for auction, or real-estate-owned) were sold in April, May, and June of this year.

While those figures represent nearly a 5% increase in total numbers compared to the previous quarter, RealtyTrac executives said that non-distressed sales grew even more during that period. They attributed that growth to the federal housing tax credit, which required a signed contract by April 30, 2010. Overall, foreclosure sales were 24% of all residential sales in 2010’s second quarter.

ARTICLE SHORTENED DUE TO LENGTH….

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