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Fewer Bank Foreclosure for Sale Got Sold in California in 3Q

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By : John Cutts    99 or more times read
The number of bank foreclosure for sale and distressed residential properties accounting for the total number of houses sold during the third quarter of 2010 declined in California when compared with the previous quarter and last year's totals. However, the state remains one of the top regions nationwide in terms foreclosure sales percentages.

Foreclosed residential properties, including Fresno foreclosures and distressed homes from various local markets of the state, accounted for almost 40% of the total houses sold in California during the July-September 2010 period. The figure represents a 27% decline when compared with the 2010 second quarter when 43% of total homes sold were foreclosed or distressed.

The percentage of California foreclosed homes sold for the third quarter of the current year was also lower when compared with the 2009 third quarter. A difference of 43% was recorded between the current year and last year's third quarters. Foreclosures accounted for 52% of total housing sales recorded in July-September 2009.

The average price of a bank foreclosure for sale sold in California during the 2010 third quarter was 39% cheaper than non-foreclosure dwellings sold during the same quarter. Despite the yearly and quarterly decline in foreclosure sales percentages, California remained the third state in the whole U.S. with the highest percentage of foreclosed property sales for the period in focus.

Only two states have a higher percentage of houses in foreclosure sold during the 2010 third quarter. Nevada was ranked first, with foreclosed property sales accounting for 54% of total housing sales for the quarter, while Arizona came in second with a foreclosure percentage of 47% against total housing sales.

Nationwide, 25% of all houses sold in the July-September 2010 period were foreclosed or distressed. Prices of foreclosed properties sold overall during the quarter were 32% lower than the average prices of non-foreclosure residences sold in the same period. For the whole U.S., 188,748 housing units under some form of foreclosure were purchased by home buyers and investors during the July-September 2010 period.

Compared with the 2010 second quarter, total number of bank foreclosure for sale and distressed properties sold for the third quarter represented a decline of 25% all over the U.S. When compared with the 2009 third quarter, the total number of foreclosures sold was down by 31% nationwide.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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