The number of foreclosed home sales in the state of California went down while the median sales price increased. The news came from Realty Trac, a real estate tracking service. The firm said 30 percent of California sales in the first quarter of 2013 involved a foreclosed home. This was down from around 40 percent the previous year.
Daren Blomquist from Realty Trac said that home prices have reached bottom in California and are presently rising. It has helped some homeowners who were at risk for foreclosure. They were able to avoid foreclosure by putting their home in the market or by refinancing because they now have equity in the home.
The number of short sales in California went down as well. Realty Trac said people in the real estate industry hope that this is an indication of a stronger economy and not a sign that banks are making short sales harder to come by.
The price of a foreclosed home was up by 17 percent in Los Angeles and by 21 percent in Sacramento compared to the previous year.
In New Jersey, the number of foreclosure home sales increased, which is opposite of the trend across the nation. In Bergen County, 182 properties in some stage of foreclosure were sold in the first quarter. This was up 75 percent from the previous quarter and 5.81 percent from the same period in 2012.
In Passaic County, 160 foreclosure home sales were recorded in the first quarter, which was up 19.4 percent from the previous quarter and 22.14 percent compared to the same period last year.
In New Jersey, foreclosure-related sales were 9.6 percent of the total residential sales. The figure across the country was 20.71 percent. The report is said to be good news for the foreclosure and real estate markets.
The top five states with the largest percentage of foreclosure sales were Georgia, Illinois, California, Arizona and Michigan.