According to RealtyTrac, foreclosure-related sales accounted for 23% of all U.S. residential sales during the second quarter of this year.
RealtyTrac, which monitors foreclosed properties, reported that the foreclosure-related sales in the second quarter of 2012 climbed up from the 22% in the first quarter of this year and up by 19% from the same period last year.
RealtyTrac, however, noted that while the foreclosure-related sales as a percentage of total sales increased in the second quarter, the actual foreclosure-related sales, which was 224,429 housing units, dropped by 12% from the first quarter and decreased by 22% from the same period last year.
For the second quarter, the average foreclosure-related sales price was $170,040, a 6% increase from the first quarter of this year and a 7% increase for the same period last year.
In comparison to the average price of a non-foreclosure home, the average foreclosure-related sales price was 32% cheaper.
Daren Blomquist, RealtyTrac Vice President, said in a statement, “The second quarter sales numbers provide solid statistical evidence of what we’ve been hearing anecdotally from real estate agents, buyers and investors over the past few months: there is a limited supply of available foreclosure inventory to choose from in many markets.”
The RealtyTrac Vice President added, “Given this shortage of supply and the seasonally strong buyer demand in the second quarter, it’s no surprise that the average foreclosure-related sales price increased both on a quarterly and annual basis.”
Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.