- By Joel Cone, Staff Writer, RealtyTrac
More than 193,000 U.S. properties in some stage of foreclosure were sold during the third quarter of 2012, according to RealtyTrac’s Q3 2012 U.S. Foreclosure & Short Sales Report issued Thursday, Dec. 6, 2012.
In all, foreclosure-related sales accounted for 19 percent of all residential sales nationwide during the quarter, a slight decrease from the 20 percent reported for the second quarter, but unchanged from the same quarter last year.
Based on its third quarter findings, RealtyTrac reports:
- Pre-foreclosure sales increased 22 percent on a quarterly basis and 22 percent from the same quarter a year ago.
- REO sales were up 19 percent from the second quarter, but remained 20 percent below the level reported for Q3 2011.
- Homes in foreclosure or bank-owned sold for an average price that was 32 percent below the average price of a home not in foreclosure.
- The average sales price for all short sales — including those that were not in foreclosure and those that were — fell short of total loan amounts by $94,896 per short sale.
- Third parties purchased a total 98,125 pre-foreclosure residential properties (those in default and those scheduled for auction) during the third quarter, an increase of 22 percent from the previous quarter.
- The average price for a pre-foreclosure property in the third quarter fell 3 percent from the second quarter to $191,025.
- Third parties purchased a total 94,934 bank-owned (REO) properties during the quarter, 19 percent more than the number purchased during the second quarter.
- The average price of an REO property dropped 7 percent from the second quarter to $161,954.
- Georgia, California and Arizona posted the highest percentages of foreclosure sales in the nation.
Read the entire Q3 2012 U.S. Foreclosure & Short Sales Report now.