Foreclosures accounted for nearly 26 percent of all residential property sales in 2010, down from 29 percent in 2009, but up from 23 percent in 2008, according to RealtyTrac’s latest year-end report. A total of 831,574 U.S. properties were reported as either bank-owned, in default or scheduled for auction in 2010, a 31 percent decrease from 2009. The average sale price of these foreclosure properties was 28 percent below the average sales price of non-foreclosure properties.
A total of 512,886 bank-owned (REO) properties were sold in 2010, down 32 percent from 2009. Sales of pre-foreclosure properties, including those in default or scheduled for auction, totaled 318,688 for the year, down nearly 30 percent from a year ago, and they accounted for 10 percent of all residential sales.
In the fourth quarter, 149,303 total foreclosures were sold, which is 22 percent below the previous quarter and 45 percent below the fourth quarter of 2009. Foreclosures accounted for 26 percent of all residential sales in 2010 and sold at an average discount of 36 percent.
Sales of bank-owned properties totaled 95,683 in the fourth quarter, down 17 percent from the third quarter and 43 percent from the fourth quarter of 2009. Sales of pre-foreclosure properties totaled 53,620 in the fourth quarter, down 29 percent from the third quarter and 49 percent from a year ago.
Nevada, Arizona and California posted the highest percentage of foreclosure sales in 2010. Foreclosures accounted for 57 percent of all residential sales in Nevada in 2010 and 59 percent of all sales in the fourth quarter. In Arizona foreclosures accounted for 49 percent of all sales in 2010, while in California foreclosures accounted for 44 percent of all sales last year.