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Courthouse sales increasing in western U.S.

February 22, 2011 - High foreclosures in some of the country's western states encouraged large numbers of consumers to consider moving to Arizona, California and Nevada throughout 2010.

A new report from the website ForeclosureRadar showed that after a brief decline in distressed sales during the bank-imposed foreclosure halts last fall, the bargain-priced properties are beginning to regain popularity among investors and homebuyers. Courthouse sales increased across much of the western U.S., with Arizona reporting record sales of foreclosure homes to both banks and third-parties. California saw foreclosure filings increase slightly, leading to big booms in sales to banks and investors.

Similar trends were reported in Nevada and Washington State, while Oregon also saw its first increase in foreclosure sales in four months. With investors buying up foreclosed properties and fixing them up, there could be a greater supply of bargain-priced homes available for families considering a relocation.

"We have not seen this level of activity on the courthouse steps for months," siad Sean O'Toole, CEO and Founder of ForeclosureRadar.com. "The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring home buying season."

A recent decision by the Federal Housing Administration will also make it easier for relocating families to afford buying a fixed-up distressed property. The FHA extended through the end of 2011 a suspension of its rule which previously prevented buyers from purchasing "flipped" homes with FHA loans.
 

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