Distressed Property Sales Remained High in Second Quarter
Distressed Property Sales Remained High in Second
Quarter
RealtyTrac reported Thursday that sales of bank-owned homes remained elevated in the second quarter, while sales of distressed properties rose even higher than levels seen in the previous quarter. Total sales of homes either in some stage of foreclosure or already seized by banks rose 6.5 percent during the quarter to just over 265,000. First-quarter distressed sales, meanwhile, were revised upwards to 248,959 from the originally reported 158,434.
The massive oversupply of unsold homes on the market is one of the major hurdles facing the housing market as it continues to recover from its 2007 collapse. Overall sales declined 11 percent on a year-to-year basis during the second quarter. Sales in 2010's second quarter got a healthy boost from tax credits for homebuyers that helped encourage home sales.
Sales of pre-foreclosure homes, those in default or scheduled for auction, rose to 102,407 during the second quarter, up 19 percent from the first quarter but still down about 12.4 percent from a year earlier. Analysts applauded the quarterly increase in sales in this segment, calling it the first good news in this part of the market for months.
Sales of bank-owned properties during the quarter totaled 162,680, little changed from the first quarter but down just over 10 percent from a year earlier. The percentage of total home sales accounted for by distressed properties, meanwhile, fell from 35.5 percent in Q1 to 31.3 percent last quarter. The ration is still considerably higher than 2Q 2010's share of 24.4 percent, however.
RealtyTrac reported Thursday that sales of bank-owned homes remained elevated in the second quarter, while sales of distressed properties rose even higher than levels seen in the previous quarter. Total sales of homes either in some stage of foreclosure or already seized by banks rose 6.5 percent during the quarter to just over 265,000. First-quarter distressed sales, meanwhile, were revised upwards to 248,959 from the originally reported 158,434.
The massive oversupply of unsold homes on the market is one of the major hurdles facing the housing market as it continues to recover from its 2007 collapse. Overall sales declined 11 percent on a year-to-year basis during the second quarter. Sales in 2010's second quarter got a healthy boost from tax credits for homebuyers that helped encourage home sales.
Sales of pre-foreclosure homes, those in default or scheduled for auction, rose to 102,407 during the second quarter, up 19 percent from the first quarter but still down about 12.4 percent from a year earlier. Analysts applauded the quarterly increase in sales in this segment, calling it the first good news in this part of the market for months.
Sales of bank-owned properties during the quarter totaled 162,680, little changed from the first quarter but down just over 10 percent from a year earlier. The percentage of total home sales accounted for by distressed properties, meanwhile, fell from 35.5 percent in Q1 to 31.3 percent last quarter. The ration is still considerably higher than 2Q 2010's share of 24.4 percent, however.
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