According to a report released by RealtyTrac, foreclosure homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 32 percent below the average sales price of properties not in the foreclosure process — up from a 26 percent discount in the previous quarter and a 29 percent discount in the third quarter of 2009.
Highlights from the RealtyTrac Foreclosure Report for third quarter 2010:
- 188,748 U.S. properties in some stage of foreclosure, default, scheduled for auction or bank-owned (REO) sold to third parties in the third quarter. This is down 25 percent from the previous quarter and down almost 31 percent from a year ago.
- The average sales price of those distressed properties sold was $169,523, down 2.46 percent from the previous quarter and down 0.44 percent from a year ago. The average sales price of properties not in foreclosure was $249,721, up 6.42 percent from the previous quarter and up 4.36 percent from a year ago.
- Sales volume of non-foreclosure properties decreased 29 percent from the previous quarter and nearly 31 percent from a year ago.
- Buyers that purchased a short sale or REO during the quarter were able to get an average discount of more than 32 percent — the highest average foreclosure discount reported since the fourth quarter of 2005.
Foreclosure sales by type:
- 60 Percent of the distressed sales in third quarter were Bank-Owned (REO) properties sold to third parties, down nearly 26 percent from the previous quarter and down nearly 35 percent from a year ago.
- REOs sold for an average discount of nearly 41 percent, up from an average discount of 34 percent in the previous quarter and an average discount of nearly 35 percent in the third quarter of 2009.
- 40 percent of the distressed sales in third quarter were pre-foreclosure properties, in default or scheduled for auction, sold to third parties in the third quarter, down nearly 24 percent from the previous quarter and down 24 percent from a year ago.
- Pre-foreclosure sales, which are often short sales, sold for an average discount of 19 percent, up from an average discount of nearly 13 percent in the previous quarter and an average discount of 18 percent a year ago.
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Q3 2010 Total Foreclosure (FC) Sales
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State # of FC %Change %Change Pct. of Avg. FC Avg. FC Avg. Avg.
Sales from Q2 from Q3 All Sales Dis- REO Pre-FC
2010 2009 Sales Price count% Dis- Dis-
count% count%
U.S. Total 188,748 -25.07 -30.83 24.89 $169,523 32.12 40.53 19.44
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Alabama 606 -39.64 -13.55 13.75 $142,577 22.27 25.26 3.33
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Alaska 118 -51.84 -35.52 7.44 $224,034 17.02 14.36 22.94
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Arizona 14,343 -27.35 -32.46 46.54 $138,525 25.03 31.98 15.03
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Arkansas 521 -47.53 -47.74 12.76 $128,368 20.60 25.21 11.75
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California 45,825 -26.79 -43.48 39.68 $251,756 38.56 45.87 28.90
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Colorado 4,079 -26.02 -19.51 23.19 $184,582 30.83 34.83 23.36
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Delaware 275 -14.33 -9.84 14.14 $171,983 33.97 37.50 24.87
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District of
Columbia 126 -16.00 -37.00 7.11 $292,648 39.56 48.12 30.41
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Florida 34,186 -13.34 -7.65 36.75 $120,030 28.23 37.96 19.74
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Georgia 6,340 -27.13 -35.46 29.36 $116,086 40.22 44.97 32.72
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Hawaii 404 -24.06 -27.86 12.29 $353,540 25.51 28.89 21.08
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Idaho 1,439 -35.47 6.36 25.24 $154,983 15.10 21.27 10.67
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Illinois 6,844 -24.34 -23.96 24.74 $142,214 41.34 49.91 20.90
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Indiana 2,427 -33.20 -40.06 17.56 $112,544 27.53 31.86 17.87
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Iowa 420 -23.77 -13.76 5.71 $96,861 33.56 38.17 -0.20
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Kentucky 926 -24.22 -0.22 14.93 $95,208 44.31 50.79 30.96
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Louisiana 534 -29.18 -18.60 10.07 $135,784 28.34 33.89 16.42
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Maryland 2,338 -47.57 -16.97 16.95 $207,544 35.86 41.70 32.19
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Massa-
chusetts 499 -65.18 -75.24 34.90 $181,088 25.34 25.90 25.21
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Michigan 9,587 -25.55 -26.78 31.75 $72,266 40.52 44.24 21.26
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Minnesota 1,721 -26.45 -40.45 12.18 $147,711 31.20 34.88 21.73
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Missouri 2,669 -23.41 -23.92 16.36 $113,297 28.94 28.87 29.23
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Montana 144 -23.81 53.19 6.70 $197,005 5.32 12.37 -14.33
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Nevada 8,917 -15.07 -35.47 53.88 $135,221 19.01 22.16 14.22
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New
Hampshire 127 -65.58 -73.98 7.74 $166,129 33.42 38.46 29.90
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New Jersey 2,487 -30.39 -32.10 12.66 $219,758 41.19 52.60 30.46
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New Mexico 426 -17.76 17.68 8.62 $176,572 15.47 13.83 16.96
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New York 2,147 -20.25 -34.28 7.22 $287,352 29.50 53.81 16.66
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North
Carolina 2,329 -26.81 -28.14 11.85 $147,522 28.20 31.23 17.86
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Ohio 6,117 -26.85 -24.78 21.67 $79,695 44.54 50.66 20.54
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Oklahoma 604 -37.15 -39.66 10.25 $96,377 35.61 36.04 34.92
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Oregon 2,381 -27.41 -14.69 26.59 $183,905 28.26 32.32 19.75
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Penn-
sylvania 2,876 -11.15 -5.02 11.53 $123,249 40.35 47.44 22.74
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South
Carolina 1,918 -25.97 -8.45 19.44 $143,673 27.08 32.13 8.58
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Tennessee 3,215 -29.97 -35.21 18.77 $95,512 42.25 43.44 28.47
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Texas 8,087 -27.85 -25.18 11.85 $146,858 26.69 28.07 23.03
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Utah 1,905 -29.83 -20.99 20.31 $214,472 2.92 7.11 -7.32
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Virginia 4,147 -28.18 -30.96 23.33 $229,933 33.86 38.56 25.08
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Washington 2,513 -24.65 -35.58 14.08 $237,084 25.59 29.93 16.99
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Wisconsin 1,254 -31.36 -45.29 13.60 $112,528 37.13 45.09 25.05
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SOURCE: RealtyTrac
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