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Fewer Foreclosure Sales In Q2

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(Sacramento, CA)
Thursday, August 30, 2012

Listing service RealtyTrac says four out of every 10 California homes sold between April and June…or 40%...were foreclosures.

"…which is extremely high. We'd expect to see less than 5% of all sales be foreclosure-related in a normal, healthy market."

Daren Blomquist is RealtyTrac's Vice-President. He says on the flipside, the average price of a foreclosure in the second-quarter, $248,676, was higher.
"It was actually up about 4% from the previous quarter, it was also up 4% from a year ago which we believe is a function of the fact that there's somewhat of a limited supply of these foreclosures available now."
"Limited supply" compared to the demand from buyers and investors willing to buy them. Blomquist says the result is foreclosure homes getting multiple offers well above asking prices.
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