|
Combined, bank-owned homes and those still in the foreclosure process sold for an average of $164,349 last year, 33 percent less than the average sale price of all other homes. In 2010, they sold at a 32 percent discount, RealtyTrac said. Patrick Newport, an economist with IHS Global Insight, said he expects that foreclosures, in addition to weak demand for homes, high unemployment and other factors, will push U.S. home prices down as much as 10 percent this year. Others say modest increases in sales over the past few months could stop prices from falling by late winter or early spring. Sales of all previously occupied homes rose last year to 4.26 million from 4.19 million in 2010. Sales of new homes, which account for less than 10 percent of the housing market, totaled 304,000 last year
-- the fewest on records dating back to 1963. Bank-owned homes, which are sold after being repossessed, made up nearly 14 percent of all home sales last year and averaged 40 percent less than properties not in foreclosure. Homes in some stage of the foreclosure process -- in default or scheduled for auction
-- comprised 9 percent of all sales in 2011. On average, they sold for 22 percent less than other types of homes. All told, foreclosure-related sales nationwide declined 2.2 percent from a year earlier, RealtyTrac said. Nevada led all states with foreclosure-related sales making up 54 percent of all home sales last year, up 17 percent from a year earlier. California had the highest number: 246,780, or 43 percent of total home sales in the state. Foreclosure-related sales also comprised at least 20 percent of all home sales last year in Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Michigan and Oregon.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor