Residential properties linked to foreclosure--either in default, scheduled for auction or bank owned--represented 24% of all home sales in the fourth quarter.
The sale price of a foreclosed property averaged $164,944 in the fourth quarter, down 5% from a year earlier.
Looking ahead, expect to see foreclosure-related sales increase this year--particularly pre-foreclosure sales--as lenders start to more aggressively dispose of distressed properties.
Pre-foreclosure sales increased more than 20% from a year earlier in a handful of states during the fourth quarter, including Michigan, Georgia and Arizona.
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