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Foreclosure-related sales and nonforeclosure short sales accounted for 43% of all U.S. residential sales last year, according to market researcher RealtyTrac.
A total of 947,995 U.S. properties in some stage of foreclosure or bank-owned repossessions were sold during the year, down 6% from 2011 and down 11% from 2010, RealtyTrac reported. These foreclosure-related sales represented 21% of U.S. residential sales during the year, compared with 23% of all sales in 2011 and 28% of all sales in 2010.
Properties not in foreclosure that sold as short sales in 2012 made up an estimated 22% of all residential sales.
"Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market," said RealtyTrac Vice President Daren Blomquist. "And while distressed properties--whether bank-owned, pre-foreclosure or short sales not in foreclosure--are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory."
The report also found that third parties purchased 449,873 residential properties that were in default or scheduled for auction last year. These preforeclosure sales represented a 6% increase from 2011 and nearly matched 2010's record level.
Third parties purchased 498,122 bank-owned residential properties in 2012, down 15% from the prior year and down 19% from 2010.
California had the highest percentage of foreclosure sales of any state last year, with foreclosure sales representing more than 38% of the state's residential sales in 2012. Georgia and Nevada also had high percentages of foreclosure sales. Foreclosure-related sales accounted for nearly 38% of all sales in both states last year.
Copyright © 2013 Dow Jones Newswires
Chicago's Coldwell Banker Residential Brokerage recently acquired four Keller Williams offices and is pleased to welcome many top agents to their team.
"Coldwell Banker is known for its superior customer experience and local market expertise, but also for its agent support resources, which we hear over and over from new agents that join our team" said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. "We're absolutely delighted to have these top-notch agents at Coldwell Banker and look forward to working together across our local and global networks."
Some of Coldwell's most talented new agents include: Blake Golden/The Stryker Group, Naseem El-Barbarawi and Rodolfo (Rudy) Zavala, Gene Biondi, Giovanni Laverde, Micheal Pal, Fred Scovell and Monica Walsh.
Golden and his team are experts on residential investment property sales consulting, as well as leasing in the City of Chicago, specializing in luxury rentals in The Loop, River North, Gold Coast, Lincoln Park, The West Loop, The South Loop, Lakeview/Wrigleyville, Wicker Park and Bucktown.
El-Barbarawi and Zavala, the real estate team of El-Barbarawi and Zavala is a powerhouse of success, regularly ranking at the top for production and known for their knowledge of the Chicago market.
Biondi, specializes in properties in the Lakeview and Lincoln Park neighborhoods, working with a full range of clients from first-time buyers to Multi-Million-Dollar buyers and sellers.
Laverde who has over a decade of real estate experience and currently specializes in residential real estate in downtown Chicago and the surrounding neighborhoods.
Pal who specializes in luxury residential leases and sales. Originally from San Francisco, Pal worked at a private equities firm before moving to Chicago, when he decided to follow his passion for real estate.
Scovell, leads The Chicago Viewpoint Team ,offers buyers and sellers in the South Loop area of Chicago an exceptional level of expertise and service.