Metro foreclosure sales rise 20 percent in 2012

3/1/2013

Sales of metro Toledo homes that were bank-owned or in foreclosure rose nearly 20 percent in 2012 compared with a year earlier, according to a report from real estate data firm RealtyTrac Inc.

In 2012 there were 2,756 area homes sold that had either been foreclosed upon or were in some stage of foreclosure. This was up from 2,304 homes in 2011 but down from 2,769 homes in 2010.

In a report issued today, Irvine, Calif.-based RealtyTrac said the average sales price of foreclosed homes plus those in foreclosure was $58,960, up 3.4 percent from 2011 when the average price was $57,050.

Overall, foreclosed homes plus those in foreclosure totaled 26.2 percent of all homes sales in metro Toledo in 2012. That was up from 2011, when sales of such homes totaled 20.9 percent of all home sales, according to RealtyTrac.

For the fourth quarter of 2012, sales of foreclosed homes plus those in foreclosure totaled 628 units, a decrease of 17.5 percent from the same period in 2011. The average sales price in the fourth quarter was $57,278, a decrease of 5 percent, RealtyTrac said.

In Ohio, 29,406 homes that were bank-owned or in foreclosure were sold in 2012, up 9.6 percent from 2011. The average sales price in 2012 was $75,261, down 0.4 percent.

The report also provided data on short sales — homes that sold for less than the loan amount owed on the home.

In metro Toledo, short sales were down 41 percent in 2012 compared with a year earlier, and overall short sales accounted for 21 percent of all home sales, RealtyTrac said.

The amount of money owed on the loans involved in the short-sale homes decreased in 2012. Non-foreclosure short sales in 2012 in metro Toledo were on average $42,659 “short” of the loan amount owed on the property being sold, down from an average of $64,496 in 2011. For homes in the foreclosure process, short sales in 2012 in metro Toledo were on average $64,482 “short” of the loan amount owed, down from an average of $70,204 in 2011.

For the fourth quarter of 2012, short sales in metro Toledo decreased 22 percent from the same period in 2011.

RealtyTrac did not provide data on quarterly short-sale loan averages.

Nationally, sales of foreclosed homes or those in the foreclosure process totaled 947,995 units in 2012, down 5.7 percent from 2011. The national average sales price of foreclosed or in-foreclosure homes was $167,146, up 1.9 percent. Nationally, sales of foreclosure-related homes equaled 21.4 percent of all home sales. RealtyTrac said that such homes accounted for 23 percent of all sales in 2011 and 28 percent in 2010.