2010 Year-End and Q4 Foreclosure Sales Report-Realtytrac.com
The Q4 intermission on foreclosures and related sales of Real Estate Owned (REO) by banks, caused an artificial reduction in the foreclosure sales rate in 2010, with foreclosures making up 26 percent of all U.S. home sales compared to 29 percent in 2009 and 23 percent in 2008.
REO prices in 2010 were at a discount to non-foreclosed properties of 36 percent and (versus 33 percent discount in 2009) and made up 16 percent of all sales in 2010. Pre-foreclosure sales made up an additional almost 10 percent of all residential sales in 2010 at a discount price versus non-foreclosure properties of 15 percent.
In Nevada, more than half of all home sales were foreclosures (57 percent), while Arizona (49 percent) and California (44 percent) were close behind. The top-10 states with at least 25 percent of all residential sales as foreclosures included:
• Nevada 57 percent
• Arizona 49 percent
• California 44 percent
• Florida 36 percent
• Michigan 33 percent
• Georgia 29 percent
• Idaho 28 percent
• Oregon 28 percent
• Illinois 26 percent
• Virginia 25 percent
• Colorado 25 percent
Ten states had foreclosure sales price discounts of more than 35 percent topped by Ohio at 43 percent followed by Kentucky at 4+0 percent. The other eight states included Tennessee, California, Pennsylvania, Illinois, New Jersey, Michigan, Georgia and Wisconsin.
See the link above for state-by-state 2010 and Q4 statistics.
And 2011 looks like it may again break the record on foreclosure sales.