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Tuesday, June 7, 2011

Foreclosures approach 25% of the housing market: Zillow

Even with the slow down in processing foreclosures by the banks, foreclosed homes still management to capture 25% of the market share.  Remember there anywhere from 4 million to 7 million homes that in the foreclosure pipeline/distressed sales depending on who does the math.  When these are finally permitted to reach the market what will be the effect....
Sales of homes foreclosed on in the previous 12 months made up 24% of the market in April, up from 16% one year ago, according to data compiled by Zillow.
It's the 10th straight month of increases and yet another record high. There are still plenty of properties either in foreclosure or on the verge of it. Recent data puts the number of this shadow inventory at roughly 4.5 million.
And as these properties take more and more of the market share away from new or traditional sales, losses continued.
In April, 37.2% of homes sold for less than the previous purchase price, down only 1 basis point from the previous month and still 30% higher than one year ago.
Read it all

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