But it took an average 139 days, or nearly 20 weeks, to complete the average deal involving a foreclosed home, RealtyTrac said.
Sales of foreclosed homes in the Dayton area skyrocketed last year, rising 123 percent during the fourth quarter of 2012 compared with the same period in 2011, RealtyTrac said.
The president-elect of the Dayton Area Board of Realtors said the Dayton housing market is improving and growing stronger.
“The market is quickly turning,” said Mark Kottman. “I think we are getting to a point where we are starting to deplete the bank-owned properties.
“We are seeing a lot of multiple-offer situations right now,” Kottman added. “We are seeing it quickly switch from a buyer’s market to a seller’s market because we do actually have a lower inventory right now in many areas.”
Besides Dayton and Cleveland, other cities for good deals on foreclosed homes include Columbus and Canton, Ohio; Greensboro and Charlotte, N.C.; Daytona Beach, Sarasota and Pensacola, Fla.; Memphis, Tenn.; and Chicago, the firm said.
Foreclosure-related sales accounted for 21 percent of all U.S. residential sales during last year, down from 23 percent of all sales in 2011, RealtyTrac said.
Properties not in foreclosure that sold as “short sales” in 2012 accounted for an estimated 22 percent of all residential sales, the firm said.
A short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan.
About the Author