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RealtyTrac Reports Distressed Property Sales were 24% of Resdiential Sales in US for 2nd QTR 2010

According to RealtyTrac, foreclosure homes accounted for 24% of all residential sales in the second quarter of 2010 and the average sales price of properties that sold while in some stage of foreclosure was more than 26% below the average sales price of properties not in the foreclosure process--down slightly from a 27% average discount in the first quarter.

A total of 248,534 U.S. properties in some stage of foreclosure--default, scheduled for auction or bank-owned (REO)--sold to third parties in the second quarter, an increase of nearly 5% from the previous quarter, but still down 20% from the second quarter of 2009.

Foreclosure sales by type in second quarter
A total of 151,290 bank-owned (REO) properties sold to third parties in the second quarter, up 3% from the previous quarter but down 28% from the second quarter of 2009. REO sales accounted for nearly 15% of all sales in the second quarter, down from nearly 19% of all sales in the previous quarter and down from nearly 20% of sales in the second quarter of 2009. REOs sold for an average discount of nearly 35%, close to the average discount of 34% in the previous quarter and also to the average discount of just over 35% in the second quarter of 2009.

A total of 97,244 pre-foreclosure properties--in default or scheduled for auction--sold to third parties in the second quarter, up nearly 8% from the previous quarter but down 3% from the second quarter of 2009. Pre-foreclosure sales accounted for 9% of all sales, down from nearly 12% of all sales in the previous quarter but nearly identical to the 9% of all sales in the second quarter of 2009. Pre-foreclosure sales, which are often short sales, sold for an average discount of nearly 13%, down from an average discount of nearly 16% in the previous quarter and down from an average discount of 19% in the second quarter of 2009.

Foreclosure Activity By Month - US

Nevada post highest percentage of foreclosure sales in second quarter 2010
Foreclosure sales accounted for nearly 56% of all sales in Nevada in the second quarter, the highest percentage of any state despite a decrease in foreclosure sales from the previous quarter and from the second quarter of 2009. Nevada pre-foreclosure sales jumped 29% from the previous quarter and were up 2% from the second quarter of 2009, but Nevada REO sales decreased 14% from the previous quarter and were down 43% from the second quarter of 2009.

Are you looking to purchase property in the Las Vegas area? Now is the time to buy.

Contact Jan O'Brien directly at 702-858-9191.

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Las Vegas Foreclosure Rate Tops Nation - 1 in 72 Las Vegas housing units receive foreclosure filing in July 2010

Realty Trac release its' Foreclosure Report for July 2010, which shows that foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 325,229 properties in July, a nearly 4 percent increase from the previous month but a nearly 10 percent decrease from July 2009. One housing unit in every 397 in the U.S. received some type of foreclosure filing in July 2010.

Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009. Julys bank repossession (REO) total was the second highest monthly total since RealtyTrac began tracking REO activity in April 2005 and was 1 percent below the monthly REO activity peak of 93,777 in May 2010.

Nevada Continues to Lead the Nation with Highest Foreclosure Rate

Nevada continues to document the nations highest foreclosure rate for the 43rd straight month with one in every 82 housing units receiving a foreclosure filing in July. July saw nearly a 7% increase from the previous month in foreclosure filings with a total of 13,727.  However, this number represents about a 30 percent decrease from July 2009. July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis.

Las Vegas Foreclosures August 2010

Foreclosure activity increased nearly 9 percent from the previous month in the (Clark County) Las Vegas-Paradise, Nev., metro area, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average.

 

Are you looking to purchase property in the Las Vegas area? Now is the time to buy.

Contact Jan O'Brien directly at 702-858-9191.

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New Listing in Las Vegas - 10687 Medicine Bow, Silverado Ranch

Silverado Ranch upgraded, a second / vacation home like brand new!

Exterior columns, porch, granite counter tops. Open and spacious floor plan with great room (sunken living room); upgraded cabinets and hutch in dining room.

Four bedrooms plus a loft; 2 full baths and half bath downstairs.

Master suite with walk-in closet, ceiling fan. Master bath has double sinks, roman-style tub and separate shower.

Currently offered at $210,000.

Call Jan OBrien (702) 858-9191 for a private showing.  View the Property flyer.