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Foreclosure Home Sales Up

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(Sacramento, CA)
Thursday, September 30, 2010

RealtyTrac's Daren Blomquist says foreclosure sales in the second-quarter accounted for 43-percent of all home sales in California, up slightly from the previous three months.

"We believe the second-quarter number was a little bit of an anomaly and we'll see the California foreclosure sales account for more close to 50% in future quarters." 

The reason? Blomquist says the federal homebuyer tax credit spurred all home sales..not just foreclosures. But that $8,000 credit has now expired.

"Overall sales plummeted after the homebuyer tax credit went away. It'll be interesting to see if people actually are even more attracted to foreclosures to purchase because of the built-in discount that's there."

California foreclosures sold for an average discount of 40% in the second-quarter.

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