Low Foreclosure Supply Pushes Sales Lower, Prices Higher

Although foreclosure-related sales as a percentage of total sales increased, the raw number of foreclosure-related sales in the second quarter decreased 12 percent from the previous quarter and was down 22 percent from the second quarter of 2011 - the first annual decrease in foreclosure-related sales after five quarters of increases.

The gap between bank-owned sales and pre-foreclosure sales continued to shrink in the second quarter, with bank-owned sales outnumbering pre-foreclosure sales by 9,833, the smallest difference since the third quarter of 2007.

Pre-foreclosure sales accounted for 11 percent of all sales during the second quarter, up from 10 percent of all sales in the previous quarter and 8 percent of all sales in the second quarter of 2011.

Georgia, Nevada, California post highest percentage of foreclosure sales Foreclosure sales accounted for 43 percent of all residential sales in both Georgia and Nevada in the second quarter, the two highest percentages among the states despite decreasing foreclosure-related sales activity in both states.

FC sales price: the average sales price of Foreclosure Sales during the quarter or year, excluding sales with no sales price.

FC discount: the percentage difference between the average sales price of foreclosure sales and the average sales price of non-foreclosure sales during the quarter or year.

Source: RealtyTrac

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