March 1, 2013, - 1:31 pm

Obamaconomy: Nearly Half of All US Home Sales Are Foreclosures & Short Sales

By Debbie Schlussel

On this site, I’ve told you about the Obama Dollar Store Cold Turkey Index, the Obama Diaper Rash Index, the Obama Spam Consumption Index, and the Obama Lego Toy Market Index–all basic daily life indicators of how bad things are in America under the hegemony of Barack Hussein Obama. Now there is the Obama Distressed Home Sales Index. Nearly half of all homes sold in the United States in 2012 were from foreclosures and short sales.



Close to half of all home sales last year were in some way related to foreclosed properties or short sales, a figure still disproportionately high. . . . A total of 947,995 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the year . . . . reported RealtyTrac today. Foreclosure-related sales and “short sales,” when homes are sold for less than what is owed, accounted for a combined 43 percent of all U.S. residential sales in 2012.

A total of 947,995 U.S. properties in some stage of foreclosure, or bank-owned (REO), were sold during the year, a decrease of 6 percent from 2011 and down 11 percent from 2010. These foreclosure-related sales accounted for 21 percent of all U.S. residential sales during the year. . . .

Properties not in foreclosure that sold as short sales in 2012 accounted for an estimated 22 percent of all residential sales — bringing the total share of distressed sales to 43 percent, including both foreclosure-related sales and non-foreclosure short sales. In the fourth quarter of 2012, residential properties in foreclosure or bank-owned sold for an average price of $171,704, an increase of 2 percent from the third quarter and an increase of 4 percent from the fourth quarter of 2011.

“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” said Daren Blomquist, vice president of RealtyTrac. . . .

Properties not in foreclosure that sold as short sales in 2012 accounted for an estimated 22 percent of all residential sales — bringing the total share of distressed sales to 43 percent including both foreclosure-related sales and non-foreclosure short sales.

Other findings from RealtyTrac’s year-end report:

* U.S. pre-foreclosure sales in 2012 increased 6 percent from the previous year, while sales of bank-owned homes (REO) decreased 15 percent.

* Pre-foreclosure sales in 2012 increased from the previous year in 28 states and outnumbered REO sales in 12 states, including Arizona, California, Colorado, Florida, Maryland, New Jersey and New York.

* Despite the decrease nationwide, REO sales in 2012 increased from the previous year in 26 states and still outnumbered pre-foreclosure sales in 38 states, including Georgia, Illinois, Indiana, Massachusetts, Michigan, Minnesota and Nevada. . . .

* Non-foreclosure short sales accelerated toward the end of the year, with the fourth quarter total the highest quarterly total of the year and up 17 percent from the fourth quarter of 2011.

[Emphasis added.]

What are the worst areas of the country in terms of foreclosure-related home sales, according to the study?

Foreclosure-related sales accounted for 46 percent of all residential sales in the Riverside-San Bernardino-Ontario metro area in Southern California in 2012, the highest percentage among the nation’s 20 largest metropolitan statistical areas in terms of population.

Other metros where foreclosure-related sales accounted for at least 30 percent of all residential sales in 2012 were Atlanta (41 percent), Los Angeles (36 percent), Phoenix (34 percent), San Diego (34 percent), Detroit (32 percent), San Francisco (31 percent) and Chicago (31 percent).

Barack Obama “at work” (or at the ninth hole).

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Shimon Peres, presidente de Israel, reveló que los Estados Unidos no permitirá que Teherán obtenga armas nucleares.
Formuló estas declaraciones tras mantener una reunión con la vicesecretaria del Departamento de Estado de EE.UU., Wendy Sherman.
Según Peres, Sherman, que ha representado a EE.UU. en las negociaciones sobre el programa nuclear de Irán en Kazajistán, confirmó los planes del mandatario estadounidense, Barack Obama, de no permitir que Irán obtenga armas nucleares.
Por su parte, Wendy Sherman declaró que EE.UU. no tiene otro amigo más cercano que Israel.
El Gobierno de Teherán planea construir 16 nuevas centrales nucleares, anunció la Organización de Energía Atómica de Irán (OEAI), según la televisión oficial iraní en inglés, PressTV.
La agencia nuclear iraní explicó también que, desde que se descubrieron yacimientos de uranio en el país en 1977, las reservas probadas de material extraíble de este mineral en Irán se han multiplicado hasta alcanzar las 4.400 toneladas en los últimos meses.
Los inspectores de la agencia nuclear de la ONU ha contabilizado en Natanz 180 centrifugadoras o armazones de centrifugadoras del avanzado tipo IR-2m, detalla el documento, al que tuvo acceso Efe.
Estas máquinas son entre tres y seis veces más rápidas que las unidades IR1, usadas hasta ahora por Irán y con las que ha enriquecido ya unas 9 toneladas de uranio.
La continuada instalación de centrifugadoras y su modernización contravienen las exigencias del Consejo de Seguridad de la ONU, que pide un cese completo del enriquecimiento como medida para crear confianza.
Según datos difundidos en Viena por el Organismo Internacional de la Energía Atómica (OIEA), Irán ha enriquecido hasta ahora 8.271 kilos de uranio de hasta el 5 por ciento de pureza y 280 kilos de uranio de hasta el 20 por ciento.
En el último mes, tanto el OIEA como el OEAI han informado de que Irán ha intensificado sus trabajos de enriquecimiento de uranio con la instalación de nuevas y más rápidas centrifugadoras.
Irán está sometido a sanciones del Consejo de Seguridad de la ONU, y también de la UE, EE.UU. y otros países, por su programa nuclear, que algunos gobiernos, con el de Washington a la cabeza, sospechan que podría tener una vertiente armamentista, lo que Teherán niega y afirma que es exclusivamente civil y pacífico.
Occidente -con Estados Unidos, la Unión Europea e Israel a la cabeza- temen que Irán quiera usar un supuesto programa nuclear civil para fines militares.
Por eso, EEUU y especialmente Israel no descartan atacar Irán para destruir sus capacidades nucleares.
Los inspectores del OIEA exigen desde hace un año acceder a la base militar de Parchin, cerca de Teherán, donde los servicios de inteligencia occidentales sospechan de actividades clandestina relacionadas con el programa nuclear iraní.

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ABEL REYES TELLEZ on March 1, 2013 at 1:47 pm

    Abel, I am able to read your post but I am really annoyed you posted it in Spanish.

    I’m sure others are too. Annoying and unnecessary!!!

    Skunky on March 1, 2013 at 8:11 pm

Its not surprising homes are virtually unaffordable and average homes in desirable neighborhoods in California and New York command market prices that approach luxury levels. In other words, these are overpriced to begin with and even with a thirty year fixed mortgage, people could barely afford them and if things went south, they were underwater on the mortgage.

A foreclosure can be financially and emotionally devastating. I wouldn’t recommend it on any one. And for a growing number of Americans, being able to buy and keep their first home for good is just that – a dream.

Obama keeps telling us things are getting better. Judging by the distressed housing market, the real life picture presents a different story. But you will hear none of that in our two parties’ silly debate over the sequester at a time the country is hurting very badly. That’s not a sexy topic for politicians to address.

Tough Obamaconomy is truly the understatement of the year.

NormanF on March 1, 2013 at 2:28 pm

Off topic:

Btw, J-No made ABC News history when she admitted she had no clue why illegal aliens are detained in the first place.

This is one Obama Adminisration official good for the late night laugh track. I’m waiting for Jimmy Kimmel to pick it up. Trust me, its really good!

NormanF on March 1, 2013 at 2:42 pm

In Las Vegas, Nevada, the banks are “sitting” on a huge number of foreclosed homes. They are not trying to sell them, and will not, until values rise. There is actually a shortage of housing there, because of the situation!

Dale Zalaoras on March 1, 2013 at 3:32 pm

I never thought there could be this kind of dystopian nightmare that Obama and his puppetmasters have brought upon us in America. And we still have almost 4 more years to go.

DS_ROCKS! on March 1, 2013 at 4:28 pm

This is just the beginning… never thought i’d see America do a Dr. Kervorkian on itself like this

Frankz on March 2, 2013 at 8:10 am

Bye, Bye Miss American Pie …

I wonder if my parents in heaven are pleased I turned out tobe the good son with a Paid-in-Full home and land?

Beuller? Bueller?

Jack on March 2, 2013 at 10:17 am

From working in the real estate industry for the past thirty years (six administrations?), I can tell you that almost everything you hear and or read is a lie. Real estate agents/brokers lie, builders lie and bankers/lenders/mortgage maggots are the biggest liars of all. And, seriously, do any of you guys actually believe that the “government” passes any law affecting the lending industry that doesn’t benefit the lending industry? Sheesh, give me a break. It’s like the old saying about the best trick the devil ever pulled was convincing people that he didn’t exist. It all illusion, folks, smoke and mirrors, fartin’ and tap dancin’. And, you ain’t seen nuthin’ yet. Just wait until FHA gives up its ghost! The last crash, let’s say 2008 just for the fun of it, took about 15 years. It had its roots in the “recovery” that began in 1993. The next crash will come in a much shorter time period. My guess is five or ten years, probably before this one is even over. All administrations, congress, senate, etc., have been, are and will continue to be dupes of the lending industry. No? Seriously? To quote our old Texas governor, Clayton Williams, “If it’s inevitable, just relax and enjoy it” because you ARE going to get raped.

The “real estate industry” and or “housing market”, whatever that is, is not a magical stand alone entity even though it’s treated as such. It’s almost entirely dependent on jobs. No jobie, no housie. Until the underlying economy is better, stable, improving, whatever, focusing on the housing market, like it’s going to turn the economy around, is just another form of self delusion.

See that mushroom cloud off on the horizon? That’s FHA exploding. Shut your doors, the shock wave is coming. But, who the hell knows? They probably already have plans to string out its toxicity for decades to keep us in the dark.

To quote a famous character … Yippie ki yo, MF …

Pray Hard on March 2, 2013 at 10:35 am

Of course this also does not count the amount of property that the banks are still holding on to. When we get the next glut it will drive prices back down along with everything else.

Jonathan Gartner on March 2, 2013 at 10:51 am

Haha, whatever you say, Debbie.

You and your readers know perfectly well that 50 years from now, historians will be claiming that the economy was roaring and almost literally turning lead into gold. They’ll say that America never had it so good before that magical black booty’s presence started working some sketchy sea change on the economy.

It’s all a shell game, of course – the only real question in my mind is whether the admittedly awesome combined might of Bernacke AND the Media-Industrial Complex is enough to throw that turd across the finish line in four years with a country that isn’t UNDENIABLY ruined. Well, as Darth Vader might say, the denial is strong with this one. I’m still optimistic, though. In the late 1920s, just before the market imploded, the DJIA – after a meteoric rise – set an all-time high. If you adjust for inflation, what WAS this vertiginous, stupendous, castle-in-the-sky figure? A little over 5,000 – or about one-third of what it is today.

The question is not whether the Golden Obama economy is three times stronger than the real conditions in 1929. The question is whether the Golden Obama economy is three times stronger than the dreamers even THOUGHT the economy was in 1929.

I know people who claim that the Fed’s intervention has made stocks (the blue-chip variety, at least) just as safe as bonds. These people believe that it is impossible for the market to go down by much, as the Fed will support the price with more buying. I laugh at them when they say this. It makes me think of the speech that Hoover gave in 1928 where he said that in just a couple of years, we were going to see poverty disappear from the face of the earth for all time.

tick tick tick tick tick tick ….

Sta t us MoNkkeeYY on March 2, 2013 at 11:43 am

Depending on how long it is until someone blinks, Congress or the president, the housing market might tank VERY fast if people get laid off due to the sequester.

WilliamMunny on March 2, 2013 at 9:24 pm

yep, that’s how the wife and i bought our house on johns ilsand, sc… it was a bank-owned home sitting as an eyesore in a pricey gated community just a couple miles from the ocean. it had been vacant for a few years and the former owners were still renting it out as a golf-vacation rental as it sits on a pga golf course. right next door was the HA president who had exhausted himself chasing these people in court. we gave this guy our name and number and once the court had these people thrown out, we bid $360k on an $800k house that was a builders spec home.i’d list all of the features about this place, but trust me, it is pure luxury. day one i took down the tattered hurricane shutters, powerwashed the house from top to bottm and had it recaulked and painted the first week. neighborsstopped by in a steady stream thanking us for unf*cking the neighborhood… got some free baked goods as a thank you.

anyway, we’ve since dumped $100k into the place, mostly landscaping (corner lot) and replacing the low-end appliances and fixtures, the prior owner took with him, with the good stuff.

recent appraisal is near $600k… thanks obamboozle, you jackäss!

kirche on March 4, 2013 at 1:41 pm

Jonathan pollard….the full story .as long as SHIMON Peres lives, pollard will remain in jail, even if 10 people will ignite themselves in front of the White House…he will remain in jail.

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