Some of the states with the biggest increases in non-foreclosure short sales were Nevada (86 percent increase), Wisconsin (45 percent increase), Washington (28 percent increase), North Carolina (24 percent increase), and Illinois (18 percent increase).
Some of the states with the biggest share of non-foreclosure short sales in 2012 were Michigan (33 percent), Florida (33 percent), Nevada (33 percent), Maryland (28 percent), and Ohio (27 percent).
Non-foreclosure short sales nationwide accelerated throughout the year, increasing from the previous quarter in each quarter. Fourth quarter non-foreclosure short sales increased 2 percent from the third quarter and were up 17 percent from the fourth quarter of 2011, reaching a seven-quarter high.
Non-foreclosure short sales in 2012 were on average $81,621 "short" of the loan amount owed on the property being sold, down from an average of $87,809 short in 2011. Properties in the foreclosure process that sold as short sales in 2012 were $129,817 "short" of the loan amount.
California, Georgia, Nevada post highest percentage of foreclosure sales in 2012
Foreclosure sales accounted for more than 38 percent of all residential sales in California in 2012, the highest percentage of any state but down from 44 percent of all sales in 2011 and down from 49 percent of all sales in 2010. California pre-foreclosure sales in 2012 increased 12 percent from 2011 while California REO sales decreased 27 percent over the same time period.
Georgia foreclosure-related sales increased 12 percent in 2012 compared to 2011 and accounted for nearly 38 percent of all residential sales in the state during the year. Georgia pre-foreclosure sales in 2012 increased 16 percent from 2011 while Georgia REO sales increased 9 percent during the same time period.
Foreclosure-related sales accounted for nearly 38 percent of all residential sales in Nevada in 2012 despite a 36 percent decrease from 2011. Nevada pre-foreclosure sales in 2012 decreased 20 percent from 2011 while Nevada REO sales decreased 46 percent during the same time period. Foreclosure-related sales had accounted for 55 percent of all Nevada residential sales in 2011 and 60 percent of all Nevada residential sales in 2010.
Other states where foreclosure-related sales accounted for at least 20 percent of all residential sales in 2012 were Arizona (34 percent), Michigan (31 percent), Illinois (27 percent), Florida (25 percent), Colorado (23 percent), Wisconsin (22 percent), and New Hampshire (21 percent).
Foreclosure sales in 20 largest metro areas
Foreclosure-related sales accounted for 46 percent of all residential sales in the Riverside-San Bernardino-Ontario metro area in Southern California in 2012, the highest percentage among the nation's 20 largest metropolitan statistical areas in terms of population.
Other metros where foreclosure-related sales accounted for at least 30 percent of all residential sales in 2012 were Atlanta (41 percent), Los Angeles (36 percent), Phoenix (34 percent), San Diego (34 percent), Detroit (32 percent), San Francisco (31 percent) and Chicago (31 percent).
The RealtyTrac U.S. Foreclosure Sales Report is produced by matching national address-level arms-length sales deed data against RealtyTrac's foreclosure database of pre-foreclosure (NOD, LIS), auction (NTS, NFS) and bank-owned (REO) properties. A property is considered a foreclosure sale if a sales deed is recorded for the property while it was actively in some stage of foreclosure or bank-owned. Previous quarterly numbers may be revised upon the issuance of a new quarterly foreclosure sales report because of new sales deed data received by RealtyTrac. The foreclosure discount is calculated by comparing the percentage difference between the average sales price of properties not in foreclosure to the average sales price of properties in some stage of foreclosure or bank-owned. States without sufficient foreclosure sales data to calculate average prices are not included in the report.
Most Popular Stories
- Supreme Court Rules Against Arizona Registration Law
- Entries for the 2013 Social Media Leadership Awards
- Guns Are Hot in California
- George Zimmerman Arrest Viewed Differently According to Race
- Edward Snowden Wrong About Hong Kong, Some in Territory Say
- El Paso Symposium Offers Help to Startups
- U.K. Spied on G20 Emails, Phone Calls
- Social Media in the Public Sector
- Icelandic Whalers Head Out to Sea
- Boeing, Airbus Vie for Big Orders at Paris Air Show