Distressed home sales growing - Inside Real Estate News

A snapshot of distressed activity. Source: The Genesis Group

Distressed property sales inNorthern Colorado and throughout the Denver area greatly increased in the first half of this year, compared with the first six months of 2010, according to an analysis by the Genesis Group.

The Genesis Group, which tracks housing along the Front Range, recently completed an analysis of distressed home sales reported by Realtor members of Metrolist, who serve the 7-county Denver area, and IRES, which serves Boulder and northern Colorado communities.

Trends uncovered by the Genesis Group include:

• A combined total of 6,387 real estate owned (REO) homes and ?short sales? were sold by participating brokers during the first half of 2011, a 29 percent increase from 5,305 total distressed transactions a year earlier.? The biggest percentage increase, 42 percent, was in Jefferson County, and Arapahoe County had the highest number of distressed sales at 1,797.? Only Boulder County experienced a decline.
• More than a third of the 19,187 home sales during first half of 2011 were reported as distressed.? Only Boulder County had less than 10 percent distressed sales and more than half of all transactions reported in Adams County were either REO sales or short sales.
• For the 7-county metro Denver area, the percentage of distressed transactions increased from less than one-fourth (24.5%) in the first half of 2010 rose to more than one-third (35.6%) in first half 2011.
• Although the number of foreclosure filings declined by 31 percent in the metro Denver area from 12,115 to 8,376 in first half 2010 ? 2011 comparisons, the number of foreclosed homes sold by lenders (REO) through participating MLS brokers increased by 13 percent from 4,582 to 5,164 homes.
• Short sales accounted for 26 percent of the distressed sales reported.? However, these homes sold for less than the seller?s loan amount increased sharply by 131 percent in first half comparisons, from 723 sales in 2010 to 1,673 homes sold in 2011.

Contact John Rebchook at JRCHOOK@gmail.com

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Source: http://insiderealestatenews.com/2011/08/distressed-home-sales-growing/

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