Foreclosures continued to dominate Inland Southern California home sales in the third quarter of 2011, with 51.87 percent of homes sold either in the foreclosure process or already foreclosed on and bank owned, according to data released this week by RealtyTrac, an Irvine-based foreclosure monitoring firm.
Because of the strong influence of foreclosures on the rest of the Inland Southern California housing market, the price discount home buyers got for buying foreclosures in the Riverside-San Bernardino-Ontario metropolitan area was less than for other parts of the nation, said RealtyTrac spokesman Daren Blomquist. He said the 18.88 percent average foreclosure discount in Inland Southern California was the 34{+t}{+h} lowest foreclosure discount found in 176 metropolitan areas that RealtyTrac compared in its third quarter report.
According to RealtyTrac 11,950 homes in the foreclosure process or bank-owned were sold in the Inland metropolitan area in the third quarter at an average price of $173,461. That was 2.6 percent fewer homes sold in this distress category than a year earlier.
By contrast, nationally homes in foreclosure or bank owned constituted 20 percent of all sales, which was sharp drop from 30 percent in the third quarter of 2010. The average price was $165,322 and the average foreclosure price discount was about 34 percent. Blomquist attributed the national drop in foreclosure sales to delays stemming from regulatory concerns, particularly in states that, unlike California, initiate foreclosures in the courts.
Because foreclosures need to work through the system before the housing market can heal, “In the long term it will be better that the Inland Empire is disposing of these properties more quickly,” Blomquist said.
Source: http://www.pe.com/business/business-insider-headlines/20120126-real-estate-foreclosures-continue-to-dominate-inland-home-sales.ece
No comments:
Post a Comment