Distressed Homes Remain High Even Minus Manufactured Foreclosures- By: John Cutts
Even with manufactured foreclosures, condos and townhouses taken out of the equation, foreclosures among existing dwellings in some areas of Nevada still recorded some of the highest levels all around the country.
The second quarter of 2010 saw nondistressed home sales increasing in number, but their totals are still not enough to offset the bulk of residential properties being sold off at foreclosure house auctions and those sold through short sales, particularly in the areas of Sparks and Reno, Nevada.
Housing market data for the April-June 2010 period in the two counties showed that more than half of the houses sold during the period were foreclosure and short sales, showing that more people are more interested in buying repo houses than existing residences. A total of 904 distressed properties were sold in the two areas during the said quarter.
Nevada retains its top position as the area with the highest number of foreclosed homes by state during the second quarter of the current year. In Sparks and Reno, 60% of house sales were either through short sale or through a foreclosure sale. This is higher than the same period of 2009, when 55% of house sales were accounted for by foreclosed properties and short sales.
In other areas of Nevada, like Washoe County, existing home sales rose during the second quarter, with the tax credit deadline in June being thanked by most realtors for the increase. The area recorded a 12% rise in home sales during the second quarter of the current year compared with the same period of 2009. This does not include manufactured foreclosures, condos and townhouses.
Some analysts believe that one of the most significant aspects of the latest housing market sales data is the fact that short sales have increased in most Nevada areas, particularly in Sparks and Reno, when compared with the previous year's totals. According to them, the rise in the number of short sales is primarily due to increased awareness among homeowners and quicker processing by banks.
Although non-distressed homes' share of residential property sales in several Nevada counties for the second quarter of the year has increased, over 50% of sales for the period were still accounted for by foreclosures and short sales, with condo and manufactured foreclosures not included in the total number.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.