Foreclosed home sales drop sharply

Wednesday, February 27, 2013
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— Fewer distressed properties are being sold in the Capital Region and across the nation, according to a year-end report issued today by RealtyTrac, a California firm that tracks foreclosures nationwide.

While the nation experienced a 6 percent drop in foreclosure sales last year and New York experienced an 18.6 percent drop, local counties saw even bigger drops. The numbers would be higher, though, if they included both foreclosure-related sales and non-foreclosure short sales, which are often used as an alternative to the foreclosure process.

“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 RealtyTrac Vice President Daren Blomquist in a news release. “And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.”

Albany County sold 86 properties last year that were bank-owned or in some stage of foreclosure, a 40.3 percent drop from 2011. The average sales price of one of these homes was $136,044.

Saratoga County sold 48 foreclosures or bank-owned homes last year, a 27.3 percent drop from the year before, at an average price of $160,162.

Schenectady County sold 75 properties last year that were bank-owned or in some stage of foreclosure, a 26.5 percent drop from 2011, at an average price of $105,533.

Schoharie County had only one foreclosure sale in 2012, a 66.7 percent decrease in sales from 2011. There was no sales price listed.

Montgomery County, on the other hand, sold six of its foreclosed properties, increasing its tally 100 percent from the year before. Still, these sales accounted for only 2.9 percent of all home sales in the county, and the average sales price was $20,000.

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