22% of the Homes SOLD in Kansas City were Foreclosures

Foreclosed homes accounted for almost 22 percent of all residential sales in the Kansas City market in the second quarter of 2010, according to RealtyTrac Inc.’s second-quarter 2010 U.S. Foreclosure Sales Report.

The report, released Thursday, shows that the average sales price of area properties that sold while in some stage of foreclosure was nearly 21 percent less than the average sales price of properties not in the foreclosure process. That’s down slightly from a 24.5 percent average discount in the first quarter.

A total of 1,875 metro-area properties in some stage of foreclosure (default, scheduled for auction or banked-owned) sold to third parties in the second quarter, an increase of nearly 4 percent from the previous quarter but down 8 percent from the second quarter of 2009.

The average sales price for a foreclosed home in the Kansas City market in the second quarter was $130,000, up nearly 5 percent from a first-quarter average of $124,500 and up nearly 9 percent from the second quarter of 2009.

According to RealtyTrac, Nevada posted the highest percentage of foreclosure sales in the second quarter — nearly 56 percent of all transactions.

RealtyTrac, which offers an online database of foreclosures listed for sale, is based in Irvine, Calif.

Read RealtyTrac’s August report about home foreclosure activity.

Read more: Report: A fifth of Kansas City-area home sales were foreclosures - Kansas City Business Journal 

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Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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