Realty Trac: Foreclosures Decreased in 2010

Realty Trac, a website that serves as an open online marketplace for foreclosure purchases, announced its fourth quarter foreclosure sales report for 2010, revealing that the number of foreclosures actually decreased in 2010 but still accounted for 26 percent of all residential sales.  In 2009, the percentage was 29.

In 2010, 831,574 properties were sold in auctions or similar foreclosure proceedings, which is a 31 percent decrease from 2009.  In the fourth quarter, there were 149,303 foreclosure sales, 22 percent less than the previous quarter and 45 percent less than the same quarter of 2009.

“Foreclosure sales in the fourth quarter faced the  twin headwinds of the expired homebuyer tax credit — which began to stifle  sales volume during the third quarter — and the foreclosure documentation  controversy, which hit in the fourth quarter and temporarily froze sales of  foreclosures from several major lenders,” said James J. Saccacio, chief  executive officer of RealtyTrac. “Given those factors, it’s not surprising that  in the fourth quarter foreclosure sales volume hit its lowest level since the  first quarter of 2008.”


Realty Trac foreclosure heat map - click for other metrics

Do the latest results mean that foreclosures are on a steady decline?  That is not clear, especially when one considers that the housing market fluctuates throughout the year.  In the long term, Saccacio explained, the large volume of foreclosed homes being purchased will balance out the market, but in the immediate future, homeowners can expect to see a continued drop in home prices.

Realty Trac provides online listings for the hundreds of thousands of default, auction, and bank-owned homes.  Its website offers tools to home buyers and investors hoping to capitalize on the often low-cost foreclosure sales.


A foreclosure auction - one man's pain is another man's profit

Tavis J. Hampton

Recent Posts

Print Advertising Does it Matter for Real Estate Agencies

Advertising is an essential component of a solid marketing strategy, and since marketing is about…

1 day ago

Miami Real Estate Posts 10th-Highest Total Home Sales Month in History

Miami-Dade County real estate posted its 10th-highest total existing home sales month in history and…

2 days ago

Mortgage applications rise amid strong demand for ARMs

Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted…

2 days ago

How Real Estate Agents can Automate Their Social Media Accounts

According to the┬áNational Association of Realtors, highlights indicate that existing and pending home sales have…

2 days ago

Home affordability crumbles, causing demand to finally pull back

Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable…

2 days ago

How to Make the Most of Local Real Estate Marketing

One of the main reasons why new real estate agents fail is because they are…

2 days ago