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Year End Wrap Up: Foreclosure Home Sales

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foreclosure home sales

In the third quarter of 2011, excluding rental properties, foreclosure home sales as a percentage of total residential sales stood at 20%. While this is admittedly a considerable drop from figures seen in 2010, real estate pundits are not ready to begin rejoicing yet.

The hard facts are that 20% is still a long way from the days when foreclosed homes comprised less than 5% of total residential sales. It is also believed that this figure was achieved, not because there are fewer foreclosed homes on the market, but because their movement in the foreclosure pipeline has slowed down considerably.

Late last year, the real estate market was shaken by the news that millions of foreclosure home sales in the period of 2009 -2010 were suspected of mismanagement. With the government offering reprieve to homeowners in the form of audit by an independent committee, followed by re-compensation should errors by found in the foreclosure processing, bankers and lenders are putting in much more due diligence before declaring foreclosures on new properties. Apart from this processing slowdown, bankers are also being careful not to swamp the market with bank-owned or REO properties that further crash property prices in an already suffering market.

Continue reading here for further information on foreclosure home sales.

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