This past month we saw a change in the direction of the real estate market on the purchasing side.
While it is clearly a positive change, it is unclear if it is temporary or here to stay.
According to RealtyTrac 87,913 Foreclosures were Sold in September 2011, which is up from 87,124 in August 2011. On top of this there were 214,855 new foreclosures last month, which is a 5.81% decrease from 228,098 in August.
Another key performance indicator that we in the industry watch is the average sales price on foreclosures. During the month of September, we saw an increase of 4.29%, to $172,353, which is truly a breath of fresh air as it appears that this could be a reintroduction of some demand into the real estate market.
During the month of September the highest number of foreclosures were in the follow cities:
Las Vegas, NV
Chicago, IL
Phoenix, AZ
Los Angeles, CA
Miami, FL
Keep an eye out around this time every month for an update from JohnHart on the current state of the real estate.
John is the Vice President here at JohnHart, and as such is responsible for managing and directing the firm towards obtaining its ultimate goals.
He is also one of our main contributors on the Blog. (please see his profile page on the main site for more information.)
