• 
  News
• 
  Blog
• 
  Like
• 
  Follow

Search news    

---

Foreclosure sales prevalent in Western U.S.

March 1, 2011 - A new report on foreclosure data from around the country showed a high number of consumers in western states were moving to distressed properties in 2010.

According to RealtyTrac, foreclosed homes represented 57 percent of all sales in Nevada last year, the highest percentage of any state in the country but still below the 2009 peak of 67 percent. Distressed properties were also a top choice among relocating families in Arizona, where 49 percent of all home sales were on foreclosed properties as well as California, where they made up 44 percent of all sales.

In addition, foreclosures accounted for at least a quarter of all sales in eight other states - Florida, Michigan, Georgia, Idaho, Oregon, Illinois, Virginia and Colorado. On a national basis, 26 percent of all sales were on distressed properties, and while that was down from 2009, it was not because of a lack of demand for bargain-priced properties, said experts.

"Foreclosure sales in the fourth quarter faced the twin headwinds of the expired homebuyer tax credit ... and the foreclosure documentation controversy, which hit in the fourth quarter and temporarily froze sales of foreclosures from several major lenders," explained James Saccacio, CEO of RealtyTrac.

Buyers in those western states also have more foreclosed properties to choose from. According to RealtyTrac, Nevada, Arizona and California posted the three highest foreclosure rates in January.
 

Recent Articles

Related Categories