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08 Jan 2013
Rising Pre-foreclosure Sales
- Standard Capital Staff
- blog, news, other
Pre-foreclosure sales (homes in default or scheduled for foreclosure) have shown a steady increase in Q3 both quarterly and yearly. These homes are selling at a discount of 27%, up from 19% a year ago. Totaling 98,125 pre-foreclosure sales in just the third quarter. Compared to REO properties who showed a 19% increase in purchases from the previous quarter, but were down 20% from last year. Sales in properties in pre-foreclosure outnumbered sales of REO's in the third quarter.
The possibility of being taxed on tens to hundreds of thousands of dollars in extra income may motivate more desperate homeowners to pass up a short sale and allow their home to foreclose. If the option for the mortgage interest deduction is taken away, it would give many distressed homeowners less reason to hang onto their homes, causing them to succumb to foreclosure.
The states showing the highest share of foreclosure sales out of all residentials sales were Florida (26%), Nevada (31%), Arizona (34%), California (36%), and Georgia (38%).
California has taken the lead with the most foreclosure sales. Modesto sales represented 54% of all sales, Stockton (53%), Riverside-San Bernardino-ontario (47%) and Sacramento with 40%. Atlanta is also included in the top 10 states with 41% foreclosure sales followed by Tucson with 40%.