Nashville Foreclosure Sales 19% of Real Estate Market

RealtyTrac is reporting today that sales of Bank-Owned homes or homes in some stage of foreclosure accounted for 28 percent of all U.S. Residential sales for the first quarter of 2011.   This is down slightly from the first quarter of 2010 at 29%.  The average sales price of homes in foreclosure was 27% less than other sales that were not distressed.

“While foreclosure sales continue to account for an unusually high percentage of all residential home sales, sales volume is well off the peak we saw in the first quarter of 2009, when nearly 350,000 foreclosure properties sold to third parties,” said James J. Saccacio, chief executive officer of RealtyTrac. “While this is probably helping to keep home prices relatively stable, it is also delaying the housing recovery. At the first quarter foreclosure sales pace, it would take exactly three years to clear the current inventory of 1.9 million properties already on the banks’ books, or in foreclosure.”

Foreclosures Sales in Tennessee accounted for 19.02% of all residential sales for the first quarter of 2011.  Tennessee foreclosures sold at an average price of $100,967 with a 38% discount from homes that were not distressed.  REO's in Tennessee sell at a slightly higher discount than short sales or other pre-foreclosure sales.

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