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Sales of REO and Pre Foreclosed Homes Highest in Nevada

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By : John Cutts    99 or more times read
The percentage of sales of repossessed and pre foreclosed homes in Nevada from January to March was the highest among states.

The 10,425 units of Nevada foreclosed homes and pre foreclosures sold during the quarter accounted for 63.5 percent of all house sales in the state, the highest percentage among states. Total sales, however, were far below the 59,823 total sales of California, the highest foreclosure sales total during the quarter.

The first-quarter foreclosure sales in Nevada also marked a drop of 45 percent year-over-year and a decrease of 25 percent over the month. Foreclosure sales refer to all distressed, foreclosed and REO sales made to buyers and investors, excluding property transfers to lenders during the repossession process.

The average price for these foreclosures sold from January to March was $136,176, lower by 17 percent from the average price of non-foreclosures. The average price discount for REO homes sold was 19.5 percent and the average discount for pre foreclosed homes was 10.8 percent.

Although Nevada topped the chart on the percentage of foreclosure sales, other states topped the chart on average price discounts and total number of foreclosure sales. Ohio posted the biggest average price discount, which was 39.5 percent, with its average foreclosure sale price of $79,762.

Nationwide, the average price discount for foreclosure sales was 27 percent and the average price discount for units sold from listings of foreclosed homes was 34 percent. The average pre-foreclosure discount was 15 percent.

Meanwhile, the percentage of sold foreclosed homes for sale in Las Vegas, NV in May dropped to 49.5 percent of total house resales during the month, a substantial drop from 52 percent in the month prior and a stunning drop from the May 2009 share of 74 percent.

The sales price median for all pre-owned homes sold in May in Las Vegas was $134,000, slightly lower than $135,000 in May 2009 and slightly higher than the April 2009 median of $133,955.

Although sales prices for pre foreclosed homes are typically higher than foreclosures, the average price discounts are still substantial.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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