{"id":280366,"date":"2011-02-24T10:31:09","date_gmt":"2011-02-24T10:31:09","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/24\/foreclosures-make-up-26-of-home-sales\/"},"modified":"2011-02-24T10:31:09","modified_gmt":"2011-02-24T10:31:09","slug":"foreclosures-make-up-26-of-home-sales","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/24\/foreclosures-make-up-26-of-home-sales\/","title":{"rendered":"Foreclosures make up 26% of home sales"},"content":{"rendered":"<p><div readability=\"96.6810196349\">    <!-- KEEP --><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/abb24528020911.top_.gif\" alt=\"Bank repossessions for home foreclosures are leveling off.\" width=\"475\" height=\"230\" border=\"0\" class=\"cnnstoryImageFull\" \/><span id=\"fb-recommend\"\/><br \/>\n<span>By Les Christie, staff writer<\/span><span>February 24, 2011: 5:06 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Home prices are down but sales are up, somewhat contradictory trends.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/02\/22\/real_estate\/december_home_prices\/index.htm\">Home prices fell nearly 6%<\/a> during the six months ended Dec. 31, sending values to their lowest levels in the post-bubble period, S&#038;P\/Case-Shiller reported on Tuesday. On Wednesday, the National Association of Realtors reported that <a href=\"http:\/\/money.cnn.com\/2011\/02\/23\/real_estate\/january_home_sales\/index.htm\">sales of existing homes<\/a> rose for the third straight month.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>&#8220;At least it&#8217;s not a double whammy where both sales and prices are dropping,&#8221; said Stuart Hoffman, chief economist for PNC Financial Services Group. &#8220;Deals are getting done.&#8221;<\/p>\n<p>That&#8217;s because 26% of all homes sold last year were foreclosures and short sales, according to a RealtyTrac report released on Thursday. That&#8217;s down slightly from 2009, but a jump compared to 2008.<\/p>\n<p>Homes already foreclosed on and repossessed by banks, called REOs (real estate owned), sold for an average of 36% less than normal sales, RealtyTrac reported. Meanwhile, the discount for homes sold while they were still in the foreclosure process (short sales) was 15%.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>&#8220;It&#8217;s like the post-holiday sales at Macy&#8217;s where they&#8217;re trying to clear out unwanted inventory,&#8221; said Anthony Sanders, a real estate professor at George Mason University. <\/p>\n<p>Where the sales are<\/p>\n<p>Nevada had the highest percentage of distressed sales of any state at 57%. That was, however, less than 2009, when 67% of sales there were foreclosures. In Arizona, 49% of sales were distressed properties; in California, 44%; and in Florida, 36%. <\/p>\n<p>Foreclosed properties sold for the biggest discount &#8212; 50% off &#8212; in New Jersey. <\/p>\n<p>These homes have attracted bargain hunters, including individuals or groups looking to buy and hold properties, according to Hoffman. They hope to buy at such a good price that they can rent out the properties and make a profit.<\/p>\n<p>&#8220;These folks are cash investors who are going in and offering very low bids,&#8221; he said.<\/p>\n<p>NAR reported that all-cash sales went up to 32% of the total, up from 26% a year earlier. It estimated the percentage of investor purchases hit 23%, up from 17% a year ago.<\/p>\n<p>&#8220;Unprecedented levels of all-cash purchases &#8212; primarily of distressed homes sold at deep discounts &#8212; undoubtedly pulls the median price downward,&#8221; said NAR president, Ron Phipps.<\/p>\n<p>These investment opportunities are not going away. Nearly 30% of mortgage borrowers are underwater on their loans, owing more than their homes are worth, according to Stan Humphries, chief economist for Zillow, the real estate web site.<\/p>\n<p>These owners are very vulnerable to foreclosure so the number of distressed properties that will go on sale only the next year or two will probably remained high.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/real_estate\/foreclosure_sales\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><br \/>\n<br \/><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/abb24528020911.top_-150x72.gif\" \/><\/p>\n<p>Read the original:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/m4tP-6_kTdw\/index.htm\" title=\"Foreclosures make up 26% of home sales\" rel=\"noopener noreferrer\">Foreclosures make up 26% of home sales<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Les Christie, staff writer February 24, 2011: 5:06 AM ET NEW YORK (CNNMoney) &#8212; Home prices are down but sales are up, somewhat contradictory trends. Home prices fell nearly 6% during the six months ended Dec<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-280366","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreclosures make up 26% of home sales - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/24\/foreclosures-make-up-26-of-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Foreclosures make up 26% of home sales - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Les Christie, staff writer February 24, 2011: 5:06 AM ET NEW YORK (CNNMoney) -- Home prices are down but sales are up, somewhat contradictory trends. 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