Foreclosure homes account for 26 percent of all 2010 sales

RealtyTrac released their foreclosure report for 2010 showing that foreclosure homes accounted for nearly 26 percent of all U.S. residential sales during the year. This is down from 2009 when 29 percent of all sales were foreclosure homes.

Foreclosure home sales on the decline…for now…

According to the report, 831,574 residential properties in the U.S. were sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2009 and nearly 27 percent from 2008.

“Foreclosure sales in the fourth quarter faced the twin headwinds of the expired homebuyer tax credit — which began to stifle sales volume during the third quarter — and the foreclosure documentation controversy, which hit in the fourth quarter and temporarily froze sales of foreclosures from several major lenders,” said James J. Saccacio, chief executive officer of RealtyTrac. “Given those factors, it’s not surprising that in the fourth quarter foreclosure sales volume hit its lowest level since the first quarter of 2008.

Bargains to be found in foreclosure homes…

Foreclosure homes in 2010 sold for an average sales price that was 28 percent below the average sales price of properties not in foreclosure.

Bigger bargains in REO’s…

REO’s, homes that were sold by banks after foreclosing on them, sold in 2010 for an average sales price that was over 36 percent below the average sales price of non-foreclosure home.

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