Repo Homes Blog

Low prices, accessibility to Phoenix and economic growth are the major reasons why people are buying Tucson repo homes for sale.

In May, total sales of all types of Tucson homes jumped up further by 3.5 percent over the month, in addition to the increase in April, making the total house sales in the first five months among the strongest five-month sales performance. Home sales in May were also higher by 29 percent over sales in May 2009.

The substantial price discounts enticed people to buy, as the average sales price of $194,838 for all homes sold in May marked a reduction of 4.6 percent from the average price of $204,125 in May last year.

The average listing price also fell by 3.6 percent from $246,639 in April to $237,880 in May. Even listing prices at the higher-cost community Catalina Foothills were pushed down by lower-priced Tucson repo homes from $455,488 in April to $404,201 in May.

In the first three months, thousands of repo homes in Arizona were sold at a discount of 29.48 percent, and REO units continued to be sold at sharply reduced prices over the past months. All types of homes in foreclosure that got sold during the first three months were sold at an price lower by 24.82 percent than the average price of nondistressed units.

Although price discounts make buyers and investors happy and make homes affordable to more people, they can nevertheless affect property revenues and values and drive higher repossession property listing inventories. These are among the reasons why state officials are implementing better ways to use the $125 million given by the federal government in preventing further foreclosures.

Based on statements from the Arizona Department of Housing, the money would be used to help distressed homeowners pay their loans. About $9 million in funds would be given to Pima County to cut down the number of Tucson repo homes for sale and other foreclosed homes in the area.

Palm Beach repo homes for sale and distressed properties accounted for more than one-fourth of all homes sold in the county from January to March this year.

Because of the relatively high percentage of foreclosure sales, buyers were able to buy homes at an average price of $148,458, lower by 22 percent than the average price of nonforeclosure homes.

Distressed and repo homes in Florida also accounted for a big portion of total statewide house sales in the first quarter. A total of 35,410 homes or nearly 39 percent of all homes sold were foreclosures. The average sales price for these homes was $121,394, lower by 28.4 percent than the average price for non-foreclosed homes.

Meanwhile, every buyer of a bank repossessed property for sale during the same quarter, including buyers of Palm Beach repo homes for sale, got an average price discount of 37.8 percent while every buyer of a pre-foreclosure home got an average price discount of 20.9 percent.

In the first-quarter foreclosure sales chart recently released, Florida was not among the top five states in percentage of foreclosure sales and in average sales price discount despite being in the top five states in the foreclosure rate chart during the same quarter.

Florida was third in rate of foreclosure from January to March, with one filing for every 57 residential units in the state. A total of 153,540 Florida homes entered foreclosure, accounting for 16.5 percent of total foreclosure cases filed nationwide. The total also marked a seven-percent jump over the quarter and a 29-percent increase over the year.

Of the nearly 154,000 filings, more than 22,000 units or 14.4 percent were real estate owned. These REOs accounted for 8.5 percent of all homes repossessed nationwide during the quarter.

On the whole, price discounts for Palm Beach repo homes for sale continue to benefit buyers and investors in foreclosures in the area.

Buying Round Lake repo homes for sale while prices are still affordable and while the inventory still provides plenty of choices is a smart decision, as foreclosure activity throughout Illinois is slowing down.

In May, the number of repo homes in Illinois fell by 14 percent to just over 4,000 units, and total foreclosure filings decreased by 20.2 percent to just over 15,000 in May. Nonetheless, investors and other buyers interested in repossession houses still have a lot of home buying opportunities in Illinois as there were nearly 24,000 units which entered bank listings in the first five (5) months this year.

Of the almost 80,000 residential units that became distressed from January to May, a big portion of these eventually became foreclosed and repossessed, adding more to the foreclosure inventory in the state.

One provider of foreclosure listings currently has 398 units of Round Lake repo homes for sale. Among these are a 1,472-square-foot single-family house priced at $160,943; a three-bedroom condo priced at $106,392; and a 1,854-square-foot single-family priced at $100,200. The lowest-priced is a two-bedroom house priced at $17,450 and the highest-priced is a four-bedroom single-family unit priced at $415,000.

There are also currently 247 previously owned homes up for sale, and the average listing price for all kinds of homes is $180,780, lower by one percent from the previous week. The median price for all homes sold during April was $157,000, which marked an increase of $1,000 from the median price recorded one year earlier.

The 20.2-percent month-over-month foreclosure slowdown in Illinois was more substantial than the slowdown nationwide, which was only 3.3 percent. This showed that Illinois is among the states recovering from the housing meltdown. Chicago, the largest city in the state and in the Midwest, also experienced fewer foreclosure postings in May.

Buyers looking at Chicago foreclosures are encouraged to also explore Round Lake repo homes for sale as they can still be snapped up at great prices.

The number of government-owned repo homes for sale continue to surge substantially throughout the country.

Scottsdale repo homes for sale still accounted for a significant portion of the total homes sold and the total inventory for sale at the end of May, based on figures released by realtors analyzing the Arizona Multiple Listing Service.

Better profit prospects are on hand for investors in Colorado Springs repo homes as the city, together with Denver, topped all other metro areas in the mountain west in pace of economic recovery in the first quarter, based on records from Brookings Institute.

Buying Tucson repo homes while they still abound and while they are still priced affordably is a smart decision.

Foreclosures continued to surge in Albuquerque in April, increasing opportunities for buying fixer upper homes in the area.

Detroit continues to stand strong despite the waves of residential and commercial real estate foreclosures that hit the city. While a number of commercial investors delayed or cancelled their planned business endeavors, several have shown their confidence in the eventual recovery and rise of Detroit to its former position in the business world.

Bank of Florida-Southeast, a bank based in Fort Lauderdale, finally succumbed to the pressure of foreclosure properties auction on May 28. Two other Bank of Florida units, the ones in Tampa and Naples, were closed on the same day by the Federal Deposit Insurance Corporation.