Interesting story posted by Daily Real Estate News, produced by Inman News. If you don't have time to read the whole story, cliff notes include:
- 158,434 U.S. residential properties owned by banks or in some stage of foreclosure sold to third parties in the first quarter of 2011.
- That's a decrease of 16% from Q4 of 2010
- Its a decrease of 36% from Q1 of 2010
- Foreclosure sales sold for nearly 27% less than regular sales
The story still refers to "shadow inventory". This is the number of homes owned by the banks but not yet on the market.
Want to know more about foreclosures in Southeast Texas? Contact me.