Measuring Distressed Property Prices

first_imgHome / Daily Dose / Measuring Distressed Property Prices Data Provider Black Knight to Acquire Top of Mind 2 days ago Measuring Distressed Property Prices Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. July 30, 2019 2,012 Views Previous: Gauging Risk for Renters Next: Five Star CEO Addresses Industry at Disaster Preparedness Symposium in Daily Dose, Featured, Foreclosure, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The average sales price for properties sold at foreclosure auction in Q1 2019 increased by 8% from the previous quarter to $147,115, or 7% higher than a year ago, according to a report from Auction.com. This is the highest level since Auction.com began recording this data in Q1 2016.“Auction.com has digitized much of the foreclosure auction process over the past several years, giving us access to real-time transactional data from our leading marketplace that provides forward-looking insight for the distressed market as well as a good barometer for the larger retail housing market,“ said Auction.com CEO Jason AllnutThe Q1 2019 Auction.com Distressed Market Outlook notes that scheduled foreclosure auctions decreased 1% from a year ago nationwide but were up in 30 states, including California, Texas, Colorado and Nevada. According to the report, the declining rate of completed foreclosure auctions as a%age of scheduled foreclosure auctions in the first quarter shows more distressed homeowners who fall into foreclosure are able to avoid a completed foreclosure.Foreclosure auction properties sold for 20.8% below estimated market value on average in the first quarter, down from a 23.5% average discount in the previous quarter but up from a 19.7% average discount in Q1 2018.By state, 25 states posted a year-over-year increase in the third-party buyer sales rate at foreclosure auction, including New Jersey (up 22%), Florida (up 2%), North Carolina (up 7%), Missouri (up 3%), and Virginia (up 6%). Additionally, average foreclosure auction sales prices increased from a year ago in 36 states, including New Jersey (up 22%), Florida (up 2%), Texas (up 4%), Georgia (up 3%), and Illinois (up 12%).Twenty-five states posted an annual increase in third-party foreclosure auction sales, including Texas (up 11%), Ohio (up 34%), Virginia (up 32%), Wisconsin (up 47%), and Oklahoma (up 130%).“Solid real estate investor demand and a limited supply of distressed properties continues to push average prices up in most parts of the country,” said Ali Haralson, Chief Business Development Officer at Auction.com. “Even in areas with decreasing prices, the decrease can often be explained with a shift in the type of inventory being sold at auction.center_img About Author: Seth Welborn Tagged with: Auction Auction.com Distressed sale Foreclosure Properties Auction Auction.com Distressed sale Foreclosure Properties 2019-07-30 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img

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