Foreclosed properties, including those sold at Los Angeles home auctions, account for a higher percentage of home sales in California for the second quarter of 2010 compared with newly-built dwellings and regular residences. For the whole U.S. housing market, foreclosures account for 24% of total housing sales for the period April-June 2010.
When it comes to state-focused housing statistics, the second quarter saw foreclosed residences, including homes sold at California house auctions, accounting for 43% of total home sales in the state. This makes California the third state with the highest percentage of foreclosures in total home sales, behind only first placed Nevada and second placed Arizona.
However, the percentage of foreclosed houses at auctions and REOs accounting for total state sales for the 2010 second quarter is actually lower than the same 2009 quarter. Sale of pre foreclosures in the state rose by almost 8% for the current year's second quarter when compared with the 2010 first quarter, but is down 4% when compared with the 2009 second quarter.
Foreclosures continue to dominate monthly housing sales figures in the state, with Los Angeles home auctions contributing some of the highest number of properties. For REO sales, the state recorded a 1% jump for the second quarter when compared with the first 2010 quarter. Compared with the April-June 2009 period, REO sales actually declined by 45% in California.
The average selling price of foreclosed dwellings all around the U.S. is estimated to be at least 26% lower than the average selling price of regular or non-foreclosure residential properties. The figure is a bit better than the first quarter of 2010, when the average price for foreclosed properties is 27% lower than regular dwellings.
The collective U.S. housing market sold 248,534 foreclosure homes in the second quarter of 2010. These include homes scheduled for auctions, REO properties and defaulting homeowners. The figure represents an almost 5% jump from the first quarter of 2010, but translates to a decline of 20% when the 2009 second quarter is used as basis for comparison.
Despite the high percentage of foreclosed properties accounting for total housing sales in California, including those sold at Los Angeles home auctions, analysts consider the statistics as positive since they are mostly lower than 2009 numbers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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