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

JPAR® – REAL ESTATE ANNOUNCES “THE SHIFTING MARKET PLAYBOOK”

Industry Coach Tom Ferry Headlines Event JPAR® – Real Estate, America’s #1 fastest-growing, 100% commission…

2 hours ago

Who You Hire Matters: Coltyn Simmons and Custom Fit Real Estate are Changing the Home Buying and Selling Industry

Reputation in real estate is everything. The team at Custom Fit Real Estate will tell…

4 hours ago

Workforce Planning: Definition, Benefits, and Steps

Workforce planning can help you meet organizational goals in any economy. It’s been a challenging…

7 hours ago

Ask Brian: Should Equity Rich Baby Boomers Cash Out?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have…

11 hours ago

Talking to Sellers: Are We at the Top of the Market?

We spoke to Aaron Drussel, Broker/Owner of Better Homes and Gardens Real Estate Momentum in…

11 hours ago

Why Real Estate CRM Software is Important for Agents

Managing your interactions with customers and clients can be an exhausting job. If you're a…

12 hours ago