According to the most recent data released by RealtyTrac, the number of transactions involving distressed properties nationwide increased slightly during the first quarter of 2011.
Overall, 28 percent of homes sold during the year's first several months involved those in the foreclosure process. While this figure did not move quarter-over-quarter, it is up slightly year-over-year, when 2010's first quarter had 26 percent of its transactions involve distressed properties.
"While foreclosure sales continue to account for an unusually high percentage of all residential home sales, sales volume is well off the peak we saw in the first quarter of 2009, when nearly 350,000 foreclosure properties sold to third parties," said James Saccacio, chief executive officer of RealtyTrac. "While this is probably helping to keep home prices relatively stable, it is also delaying the housing recovery."
The average sales price for distressed properties declined as well, falling 1.89 percent quarter-over-quarter and 1.46 percent year-over-year to $168,321.
In Texas, 6,962 foreclosed properties were sold during the quarter, representing 12.05 percent of all home sales. With more foreclosed properties being sold, the Houston real estate market could experience improvement, as prices are cheaper for reluctant homebuyers.
Courtesy of 2M Realty News