+Foreclosures And 31 Percent – 31 percent of the property sales were foreclosures in Q2. This number is down from the first quarter, but still points at major issues in the real estate market.
Those real estate investing and looking for great deals are picking up the properties and feeling great about them, but it still displays a major issue in the market today. The 31 percent of foreclosures in the sales market is six times the amount of foreclosures sold in a typical, healthy market. This is still cause for concern among real estate professionals.
+Foreclosures And 31 Percent
+Foreclosures And 31 Percent
The official +foreclosure numbers are coming from RealtyTrac, a leader in real estate information and statistics. They are reporting the April-June home sales included 31 percent of the properties being foreclosures. This marks Spring as a heavy foreclosure period and many don’t expect the rest of the year to be much better.
As expected, Nevada was the leader out of all the states in foreclosure sales. According to RealtyTrac, 65 percent of their home sales during the second quarter were that of foreclosures. Their property market has been saturated by foreclosures over the past few years as the real estate boom in the desert came and went very quickly.
Pulling up a close second place was Arizona. They were no slouch when it comes to foreclosures. A total of 57% of their home sales were foreclousres in the second quarter. Coming in a close third with 51%, more than half of their sales being foreclosures, was California.
The foreclosures and 31 percent or higher number were upheld by a few more states in the union. Illinois, Michigan, Colorado, Florida and Oregon were also included on this list.
These number should not surprise anyone these days. The foreclosure market is booming to say the least. With more and more foreclosures hitting the market in the coming months, this percentage is likely to remain strong.
Many buyers in the market, including those into real estate investing, love the pricing of the foreclosure markets. Increasingly there are more and more properties in this sector that are not as damaged as many people may seem to believe. And the availability of foreclosure property is abundant and growing, therefore, they larger percentage of the market they take up, the more likely they will be purchased.
Now it is time to hear from you. We love to get a perspective from our readership on how they feel about the home sales. Do the foreclosure percentage shock you at all? Or are these numbers in line with what makes sense in the market? - +Foreclosures And 31 Percent
The percentage of foreclosures is surprisingly high. Real estate buyers would be the one who will greatly benefit on this. As the availability of foreclosure properties increases, the price of it in the market will relatively decline.
And decline the market has been doing. Not sure where the bottom is.