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Foreclosure sales fall, prices rise

Thu, Aug 30, 2012

News

The number of foreclosure-related sales in Colorado Springs during the second quarter of this year dropped 16.58 percent from last year.

Nationally, the number fell 22 percent year-over-year, according to RealtyTrac, an online marketplace for foreclosed properties. It was the first annual decrease in foreclosure-related sales after five quarters of increases, according to a release from RealtyTrac.

Homes in foreclosure or owned by banks sold at an average price that was 32 percent lower than the average price of a non-foreclosure home, up from a 30 percent discount in the first quarter and also a 30 percent discount in the second quarter of 2011.

But in El Paso County, the discount was about 25 percent.

The gap between bank-owned  sales and pre-foreclosure sales, also known as short sales, continued to shrink in the second quarter, with bank-owned sales outnumbering pre-foreclosure sales by 9,833, the smallest difference since the third quarter of 2007. Pre-foreclosure sales outnumbered bank-owned sales in 13 states and the District of Columbia.

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