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Sales of Residential and Mobile Foreclosure Homes Up in Second Quarter

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By : John Cutts    99 or more times read
Mobile foreclosure homes, foreclosed single family dwellings and other types of distressed residential properties posted increased sales number in most areas of Pennsylvania during the current year's second quarter. According to quarterly housing reports, Lehigh Valley recorded a 20% increase in foreclosure and distressed property sales.

Increased number of buyers of foreclosed properties, including foreclosure homes in Philadelphia, came into the market in the second quarter to snatch low-priced distressed properties from the market. However, housing reports also reveal that the percentage accounted for by foreclosures in overall home sales dropped during the quarter.

According to housing market analysts, Pennsylvania foreclosure homes account for one out of 10 properties sold during the April-June 2010 period. Average selling price for a distressed or foreclosed home in the state was at $117,970, representing a 38.2% difference when compared with the average selling price of non-foreclosure dwellings.

Analysts further added that real estate foreclosure houses for sale account for a lesser percentage of overall home sales because new home sales were boosted by the federal government's tax credit initiative. In Lehigh Valley, one home out of eight that were sold during the quarter was foreclosed.

This represents an improvement from the first quarter when one property out of six homes sold was foreclosed or distressed. These distressed properties include all types of dwellings, like single family, multifamily structures and even mobile foreclosure homes. Despite the decline, distressed housing sales still play a major role in residential selling.

Housing industry observers stated that the foreclosure problem is easing somewhat in some areas of Pennsylvania, including Lehigh Valley. However, unemployment, tighter rules in lending and declining consumer confidence are all hindering the residential property industry from mounting a significant and sustained recovery.

For the second quarter housing report,bank owned homes and shorts sales are all included in the foreclosure sales data. In Lehigh, a total of 299 foreclosed properties were sold in the April-June 2010 period, accounting for 12.5% of overall home sales in the region. Average selling price for a Lehigh foreclosed property was pegged at $128,671.

Overall, the number of foreclosure sales, including Mobile foreclosure homes, in the state increased in the second quarter compared with the previous quarter, but they accounted for a smaller percentage of total home sales.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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