The average price of an REO residential property in the first quarter was 38 percent below the average price of a non-foreclosure residential property, down from a 39 percent discount in the previous quarter but up from a 34 percent discount in the first quarter of 2012.
REOs that sold in the first quarter took an average of 168 days to sell after being foreclosed, down from the 178-day average from both the previous quarter and a year ago.
Non-foreclosure short sales
Short sales (where the sales price was below the estimated amount of all outstanding loans for a given property) of properties not in foreclosure accounted for an estimated 15 percent of all U.S. residential sales during the first quarter of 2013 but total volume of non-foreclosure short sales in the first quarter was down 10 percent from the previous quarter and down 35 percent from the first quarter of 2012.
States with the biggest percentages of non-foreclosure short sales included Rhode Island (44 percent), Connecticut (42 percent), Massachusetts (40 percent), Nevada (29 percent), Florida (26 percent), and Ohio (24 percent).
Major markets with the biggest percentages of non-foreclosure short sales included Boston (38 percent), Cleveland (33 percent), Memphis (32 percent), Las Vegas (32 percent), and Detroit (30 percent).
The average market value of homes sold via short sale in the first quarter was $178,392, down 4 percent from the previous quarter but up 5 percent from the first quarter of 2012. States with the highest average market value of first quarter short sales included New York ($476,292), Hawaii ($438,563), Massachusetts ($313,831), Connecticut ($276,452), and California ($247,618).
Glossary of Terms
Foreclosure (FC) sale: a sale of a property that occurs while the property is actively in some stage of foreclosure (NOD, LIS, NTS, NFS or REO). This includes only sales to third-party buyers or investors. It does not include property transfers from the owner in default to the foreclosing bank or lender.
REO sale: a sale of a property that occurs while the property is actively bank owned (REO).
Pre-foreclosure sale: a sale of a property that occurs while the property is actively in default (NOD, LIS) or scheduled for foreclosure auction (NTS, NFS).
Pct. of all sales: total number of Foreclosure Sales (or Pre-Foreclosure Sales or REO Sales) as a percentage of all residential sales during the quarter or year.
Avg. FC sales price: the average sales price of Foreclosure Sales (including both Pre-Foreclosure Sales and REO Sales) during the quarter or year, excluding sales with no sales price.
Avg. FC discount: the percentage difference between the average sales price of foreclosure sales and the average sales price of non-foreclosure sales during the quarter or year.
Avg. REO discount: the percentage difference between the average sales price of REO sales and the average sales price of non-foreclosure sales during the quarter or year.
Avg. pre-foreclosure discount: the percentage difference between the average sales price of pre-foreclosure sales and the average sales price of non-foreclosure sales during the quarter or year.
Click here to learn about RealtyTrac's report methodology and to view detailed data by state.
The RealtyTrac U.S. Foreclosure Sales Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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Jennifer von Pohlmann
949.502.8300, ext. 139
949.502.8300, ext. 268
Data and Report Licensing:
Data Sales Department
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