Twenty-four percent of homes sold in the United States were foreclosure properties, according to a report last week by RealtyTrac, a company that lists foreclosure homes online.
The report, which examined homes for sale in Q2 2010 that were in a stage of foreclosure—either default, scheduled for auction, or bank-owned (REO)—said that more than 150,000 properties sold in April, May, and June 2010 were distressed.
The number is a rise of three percent from Q1 2010, but a decrease by 28 percent from Q2 2009, when the housing crisis was near its nadir.
Despite the rise in the number of foreclosed houses sold in Q2 2010, the percentage of properties sold that were distressed dropped, due to a surge of sales of homes that were not in foreclosure.
“While foreclosure sales increased in the second quarter, non-foreclosure sales increased even more, spurred on by the home buyer tax credit that expired during the quarter,” said James J. Saccacio, chief executive officer of RealtyTrac.
“That had the net effect of lowering foreclosure sales as a percentage of total sales during the quarter, but that may be a temporary dip as the removal of the tax credit could drive more buyers back to discounted short sales and REOs.”
The report, which examined homes for sale in Q2 2010 that were in a stage of foreclosure—either default, scheduled for auction, or bank-owned (REO)—said that more than 150,000 properties sold in April, May, and June 2010 were distressed.
The number is a rise of three percent from Q1 2010, but a decrease by 28 percent from Q2 2009, when the housing crisis was near its nadir.
Despite the rise in the number of foreclosed houses sold in Q2 2010, the percentage of properties sold that were distressed dropped, due to a surge of sales of homes that were not in foreclosure.
“While foreclosure sales increased in the second quarter, non-foreclosure sales increased even more, spurred on by the home buyer tax credit that expired during the quarter,” said James J. Saccacio, chief executive officer of RealtyTrac.
“That had the net effect of lowering foreclosure sales as a percentage of total sales during the quarter, but that may be a temporary dip as the removal of the tax credit could drive more buyers back to discounted short sales and REOs.”
