Sales of Foreclosure Homes Up in the Nation and St
In the first quarter of the year, sales of homes that were in some stage of foreclosure were up both in the nation as well as the state. However, they were down in San Diego:
· Nationally: In the first quarter of the year, short sales grew 25% from a year earlier while sales of bank-owned properties declined 15% from a year earlier according to RealtyTrac
· State: Distressed sales (short sales and foreclosures) accounted for about 47% of all resales. In April, however, they were down from March as well as from last April.
· San Diego: Distressed sales accounted for only 23% of all sales in April, down 26% from March and 27% from a year ago.
As always, prices of distressed sales are lower than regular sales. As the percentage and volume of distressed sales declines, we should see prices continue to stabilize. Additionally, it is important to note that more and more banks are willing and wanting to pursue short sales rather than foreclosures. This trend will certainly continue for the foreseeable future.
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