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Yearly Increase In Pre-Foreclosure Sales Hits 33%

IRVINE, CA-A nationwide surge in short sales is expected this year, according to a new RealtyTrac report.

By Carrie Rossenfeld | Updated on April 19, 2012

IRVINE, CA-A surge in short sales is indicated countrywide this year, since pre-foreclosure sales activity has risen significantly from a year ago, according to a new report by RealtyTrac outlining expected short-sale trends in 2012. The report shows a 33% year-over-year increase in pre-foreclosure sales (typically short sales) in January 2012, with annual increases in 32 states including Georgia, Michigan, California, Texas, Arizona and Florida.

As GlobeSt.com previously reported, despite a drop in the national foreclosure rate of 2% from fourth-quarter 2011 to first-quarter 2012, first-quarter data was expected to reveal a spike in short sales, and a nationwide surge in foreclosure activity will hit between August and November, Daren Blomquist, VP of RealtyTrac and author of the new report, told GlobeSt.com earlier in April. Still, he said, the low numbers “indicate that we are now starting to see the light at the end of the tunnel in this foreclosure crisis, particularly in some of the hardest-hit states that are driving the national trends, namely California, Arizona and Nevada, along with some other non-judicial foreclosure states.”

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