Nearly 25 Percent of Q2 Nationwide Home Sales were Foreclosures

Nearly 25 Percent of Q2 Nationwide Home Sales were Foreclosures

The National Mortgage Professional (8/31) reports, "RealtyTrac has released its Q2 2012 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure, or real estate-owned (REO) or bank-owned accounted for 23 percent of all U.S. residential sales during the second quarter - up from 22 percent of all sales in the first quarter and up from 19 percent of all sales in the second quarter of 2011." While "foreclosure-related sales as a percentage of total sales increased, the raw number of foreclosure-related sales in the second quarter (224,429) decreased 12 percent from the previous quarter and was down 22 percent from the second quarter of 2011 - the first annual decrease in foreclosure-related sales after five quarters of increases." Data show the average price for distressed properties rose by six percent compared to the first quarter.