In 7 States, Foreclosures Make Up 32% or More of Sales

In 7 States, Foreclosures Make Up 32% or More of Sales
Foreclosure sales are making up a big chunk of home sales across the country. In the first quarter (January through March) of this year, bank-owned home sales and homes in some stage of foreclosure made up 28 percent of all home sales in the country which is up slightly from the fourth quarter of 2010 (27 percent), RealtyTrac reports. In some states, that percentage was even higher.

According to the latest RealtyTrac data for the first quarter of 2011, here are the states where foreclosures make up the largest percentage of home sales, along with the average foreclosure price and the percentage discount over a non-distressed property.

Nevada
Percent of sales: 53%
Average foreclosure sales price: $128,589
Percentage discount over non-foreclosure sales: 18%

California
Percent of sales: 45%
Average foreclosure sales price: $247,623
Percentage discount over non-foreclosure sales: 34%

Arizona
Percent of sales: 45%
Average foreclosure sales price: $128,289
Percentage discount over non-foreclosure sales: 25%

Idaho
Percent of sales: 33%
Average foreclosure sales price: $141,845
Percentage discount over non-foreclosure sales: 15%

Florida
Percent of sales: 32%
Average foreclosure sales price: $116,583
Percentage discount over non-foreclosure sales: 27%

Michigan
Percentage of sales: 32%
Average foreclosure sales price: $70,358
Percentage discount over non-foreclosure sales: 34%

Oregon
Percentage of sales: 32%
Average foreclosure sales price: $175,957
Percentage discount over non-foreclosure sales: 24%

Source: “A Look at the States Where Foreclosures Made Up at Least 25 Percent of Home Sales in First Quarter,” The Associated Press (May 26, 2011) and “Foreclosure Homes Account for 28 Percent of Q1 2011 Sales,” RealtyTrac (May 26, 2011)

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on May 26, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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