23% of Homes Sold in Q2 were Foreclosures

According to RealtyTrac's latest Foreclosure Sales Report for the second quarter of 2012, nearly a fourth of the homes sold in that period of time were foreclosures. This means that there is now a limited supply of foreclosed homes available for sale in some markets. However, the past three months have seen an increase in foreclosure starts which may help to ease the shortage in the coming months. Also, the average price for these foreclosure sales increased in Q2, bu they were sold at a price that is 32% lower than the average price of a non-foreclosed home. Some of these foreclosure starts are translating to short sales. The number of properties that are under short sale status are increasing because lenders are opting for that instead of entering the complicated foreclosure process. These are also known as pre-foreclosure homes. On average, these homes sold for an average price of $185,062 in Q2, which is up 5% from the prevous quarter's record low.

Posted in: 2012,foreclosure,foreclosure sales report,Q2,realtytrac