(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
IRVINE, CA-Sales of foreclosed and, most notably, pre-foreclosed homes are increasing as lenders become more aggressive in their push to dispose of distressed assets more quickly, says Brandon Moore, CEO of RealtyTrac, which this week released its Q4 and Year End 2011 US Foreclosure Sales Report. The report found that sales of foreclosed homes rose 4% between third- and fourth-quarter 2011 as a segment of total residential sales for the quarters.
A growing trend in major markets is lenders selling homes in pre-foreclosure, rather than waiting until the foreclosure process is complete and the property becomes bank-owned. “In the three markets we called out—Los Angeles, Phoenix and Miami—there were more pre-foreclosure sales than bank-owned sales in the [fourth] quarter,” Daren Blomquist, VP of RealtyTrac, tells GlobeSt.com. “This is more than we’ve seen in the past. The fact that we’ve seen more of them indicates that lenders are more willing to sell before a short sale.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
