March 1, 2013, - 1:31 pm
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.
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).
Tags: Barack Obama, Barack Obama Distressed Homes, Barack Obama Foreclosures, Detroit, Distressed Home Sales, Obama Foreclosed Homes, Obamaconomy