Foreclosure sales accounted for 31% of the market in the April-June quarter. The share of the market would likely have been larger this spring if not for a state and federal investigation into faulty paperwork by banks and servicers. The probe has led many banks to delay foreclosure sales. Foreclosures will likely surge later this year. As a slice of all home purchases, foreclosure sales peak two years ago at 37.4%. In the second quarter, they declined from 36% in the January-March period.
Bank-owned homes accounted for nearly 19% of all sales, unchanged from the previous quarter. Bank-owned homes sold for 40% less than the average price of other homes, according to RealtyTrac. That's up from 36% in the previous quarter and 34% from the same quarter one year ago. Sales of homes in the foreclosure process or short sales went for 21% less than the average home sold. That's up from an average of 17% in the 1Q and 14% in the 2Q of 2010.
Your most valuable asset is in your home.
Distressed Sales Account for 31% of All Closed Transactions in Q2 2011 – REOs at 40% Discount to Non-Distressed Sales
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