Home Foreclosures 51% of California Home Sales
home foreclosures
Home Foreclosures
The foreclosure listing firm RealtyTrac Inc. said in a report today that home foreclosures accounted for 31 percent of the market in the second quarter of 2011. The good news was that this was a smaller share of sales when compared to the previous quarter. Unfortunately this percentage of home foreclosure sales is approximately six times the amount that would be seen in a normal housing market!
Many insiders speculate that the number of home foreclosures in the second quarter of 2011 would even have been greater than the 31% stated in this report if it were not for the Robo signing investigations initiated by federal and state departments into how banks were actually processing the paperwork on home foreclosures. These investigations caused many banks to put into effect self imposed moratoriums on further home foreclosures until the practices could be investigated and cleared up.
265,087 homes in some stage of foreclosure or owned by banks were sold in the second quarter, down 11 percent from the same period a year ago. Sales of all other types of homes also declined, according to RealtyTrac’s figures, which differ from other home-sales estimates.
RealtyTrac Inc said in today’s report, that sales of homes in the foreclosure process or short sales went for 21 percent less than the average home sold. This foreclosure price discount was actually up when compared to the first quarter of 2011. During the first quarter of 2011 really track reported that the average home in foreclosure sold for approximately 17% below comparable homes. Today’s reported 21% discount for the average foreclosure home sale is up by 7% when compared to similar discounts on home foreclosure sales that occurred one year ago in the second quarter of 2010.
Also in today’s report,the average sales price on a home foreclosure was down less than 1 percent from the January-March quarter and nearly 5 percent from the April-June quarter in 2010.
The state with the most home foreclosure sales, actually accounting for 65% of all of them was Nevada.
The state with the highest percentage of home foreclosure sales as compared to regular home sales, was Arizona. Today’s report showed that Arizona foreclosure sales represented 57 percent of all home sales for the quarter, up 16 percent from a year ago.
In California, foreclosure sales accounted for 51 percent of all home sales in the second quarter, virtually unchanged from last year.
San Diego real estate services
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This is an outrage that the taxpayers of this country would have to foot the bill so that the campaigner-in-chief can run around in his Canadian bus and act as if he is interested in creating jobs in our country,” Priebus said. The GOP chairman said the President should spend more time in the White House working on ways to solve the nation’s high unemployment rate instead of “planning his next vacation in Martha’s Vineyard.”Here is why the US. Is headed for another GREAT Depression—Afganistan receives 100 BILLION in US. AID PER YEAR—Clinton reported 2 weeks ago the US. will give 17 MILLION to Somalia + 580 MILLION so far this YEAR !! Now Obama & company go out and spend money= 2.2 million on 2 buses made in Canada. If they had to have them, why not buy made- in the USA ??? This kind of reckless spending is whats hurting US economy and its low and middle class AMERICANS !!!
I said it 2 years ago and I will say it again for the nay sayers “Our government has a plan to take over the housing Market” And here ya go!
The governments new motto “An American fool and his home are soon parted” will replace or be added to the IRS’s old motto “An American fool and his money are soon parted”
Get ready to welcome your new Welfare neighbor and watch the price of homes dump even further then they are! Watch as more and more people walk away from their homes. Watch as the Government then takes over those homes and on and on and on!
The vast majority of people could afford there homes till all the sudden they had to stick there mortgage payment in the gas tank to get to work & because of the gas tank, there went the price of food and everything else.
Then the states were running low on funds so who do they go after?
The property owner by raising there property taxes. Nobody’s buying product’s as there broke so the business shuts down = no jobs.
I think some of the people should be givin’ there homes back and let them decide what to do with them.
Oh, by the way, who can afford rent with no job’s, and if you got a job, what are you going to pay, the rent or the money to get to work. You have your choice of one or the other, not both!
Only after learning about financial lending practices.
Only after reading about the history of the federal reserve
Only after reading that Article I Section10 of the US Constitution
Did I begin to come to the conclusion that the problem is the FED and Congress.. They have created a super bubble. There isn’t a STATE IN THE NATION THAT ISN’T SPENDING MORE THEN THEY TAKE IN!
Some are just way out ahead of others. The Money is a Debt and the borrower is a Slave to the Lender
Buying homes are so costly.