California lists of repossession properties are among the most sought after lists, based on a report recently released by a top foreclosure research organization.
The report said that California foreclosures made up almost 51 percent of all house sales from January to March this year, the second highest rate among states. The share of sales of distressed properties and bank owned homes for sale in the first three months was slightly higher than that in the preceding quarter, but marked a staggering plunge from 70 percent in the January-March quarter last year.
The number of residential units that got sold in the first quarter from California distressed homes and foreclosed home listings to buyers other than repossessing lenders was 59,823. This number represented 50.8 percent of the 232,959 total of foreclosure sales during the quarter and a decrease of more than 21 percent from the total in the prior quarter. It was also lower by nearly 47 percent from the total one year earlier.
The average price for units sold from lists of repossession properties and distressed units statewide in May was $246,272, representing an average discount of nearly 38 percent from the average price of nondistressed homes during the quarter. The average sales price for foreclosures nationwide was $171,971 and the average price discount rate was 27 percent.
Among the 50 states, California was fourth on a ranking based on average price discounts from highest to lowest. Ohio had the biggest discount rate, which was 39.5 percent, and second was Kentucky, which posted 39.2 percent. With a 39.1-percent average discount, Illinois ranked third. Following California was fifth placer Tennessee, which posted an average discount of 37.4 percent.
The state which posted the biggest percentage of foreclosure sales was Nevada. Nearly 64 percent of total residential sales from January to March were foreclosures. Among the five states with the biggest percentages of foreclosure sales, California posted the highest number of units sold from lists of repossession properties and distressed homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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