National foreclosure activity showing positive trends during second quarter
September 2nd, 2011 7:19am
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According to RealtyTrac's Q2 2011 U.S. Foreclosure Sales Report, activity involving foreclosed properties nationwide remained strong, but showed some positive signs.The report revealed that homes in some stage of foreclosure nationwide represented 31 percent of all U.S. residential sales during the second quarter, which is down from 36 percent the previous quarter and up 24 percent from Q2 2010.
Despite the yearly increase, the raw number of real estate foreclosures was down from the previous year. Overall, third parties purchased slightly more than 265,000 homes in some stage of foreclosure during the quarter, which is up 6 percent from the first three months of the year and down 11 percent from the second quarter last year.
"With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term," said James Saccacio, chief executive officer of RealtyTrac.
Nevada continued to lead the nation in terms of distressed transaction percentage, as 65 percent of homes purchased in the state during the period were foreclosed properties.
In the Houston real estate market, foreclosures represented 19.6 percent of all property sales in July, a recent report revealed.
Courtesy of 2M Realty News
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