By Lauren Ratcliffe
Published May 31, 2012
Homes in some stage of foreclosure represented 26% of all national residential sales during the first quarter of 2012. In South Carolina, foreclosure properties made up a smaller percentage of sales at 16%, according to figures released by RealtyTrac.
A total of 233,299 residential properties in some stage of pre-foreclosure or bank-owned status were purchased nationwide during the first quarter. This represents an increase of 8% over the fourth quarter of 2011 but nearly unchanged from one year ago.
The national average sales price of a home in foreclosure was $161,214, down 2% from 2011.
“Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed owner is selling to avoid foreclosure — typically via short sale,” RealtyTrac CEO Brandon Moore said. “Those pre-foreclosure sales hit a three-year high in the first quarter even as the average pre-foreclosure sales price dropped to a record low for our report.”
Pre-foreclosure sales increased 25% from the first quarter of a year ago; third parties purchased 109,521 pre-foreclosure properties.
Bank-owned home sales dropped 15% from a year ago and made up 14% of all sales in the first quarter.
South Carolina Q1 Foreclosure Sales
% of sales