The CoreLogic National Foreclosure Report for July reveals there were about 58,000 completed foreclosures in July, down from 62,000 in June and 69,000 in July 2011. The national foreclosure inventory includes 1.3 million homes, or 3.2% of all homes with a mortgage. The inventory is down by .2 million or 3.5% of all mortgaged homes from July 2011.
“Completed foreclosures were down again in July, this time by 16 percent versus a year ago, as servicers increasingly rely on alternatives to the foreclosure process, such as short sales and modifications,” said Mark Fleming, chief economist for CoreLogic. “Completed foreclosures remain concentrated in five states, California, Florida, Michigan, Texas and Georgia, accounting for 48 percent of all completed foreclosures nationwide in July.”
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.2%), New Jersey (5.7%), New York (5.2%), Illinois (4.9%) and Nevada (4.7%).
Meanwhile RealtyTrac’s second quarter Foreclosure Sales Report documented that lower foreclosure inventories meant foreclosure prices are on the rise. Although foreclosure-related sales as a percentage of total sales increased, the actual number of foreclosure sales in Q2 2012 (224,429) decreased 12% from the previous quarter and was down 22% from the second quarter of 2011. This was the first annual decrease in foreclosure-related sales after five quarters of increases.
The average foreclosure sales price in the second quarter ($170,040) increased 6% from Q1 2012 and was up 7% from the second quarter of 2011. This was the first annual increase in average price since Q2 2010 and the biggest annual increase since Q4 2006.
RealtyTrac’s report also covered pre-foreclosure sales which were also down by 10% quarter over quarter and 9% on the year. There were 107,298 pre-foreclosure sales to third parties during the second quarter of 2012. They accounted for 11% of all sales during the quarter.
Even though short sales are on the decrease nationwide, they increased in 16 states year-over-year, including Michigan (42%), Illinois (35%), Connecticut (27%) and Massachusetts (27%).
Pre-foreclosure homes sales sold for an average price of $185,062 in the second quarter, up 5% from the first quarter, but down 1% from the second quarter of 2011.
Fewer July Pre-Foreclosure and Foreclosure Sales; Higher Prices is a post from: REWealthCoach.com, Bob Massey's site for real estate investment news, information, tips, videos and podcasts. Visit today! All material is copyright © 2010 Foundation Publishing, LLC.
