Foreclosure Sellers Load Inventory into Jefferson County Market

Feb. 15, 2011 - PRLog -- Santa Barbara, CA --- A new study of foreclosure data shows a higher than average level of foreclosure marketing in the Jefferson County, Alabama market. According to the study conducted by RealtyStore.com, over 90% of recorded foreclosures in Jefferson County are now listed for re-sale. Foreclosure listings now comprise 10% of all homes for sale in the area, and these foreclosed houses are priced at 68% below the market median price, according to RealtyStore.

"Jefferson County, Alabama truly stands out in terms of foreclosure listing incidence and pricing levels," said RealtyStore Vice President, Peter Ranck. "Holders of both bank foreclosures and government owned homes appear highly motivated to sell in this market and have minimal shadow inventory pending listing. Other areas of the country show just the opposite situation, with foreclosed homes priced nearer market medians, and large quantities, often more than 50% of all holdings, of REO properties held off the market in a growing shadow inventory."

All REO foreclosure owners have placed a large proportion of their foreclosure portfolios on the market in Jefferson County. Overall, 830 of 874 foreclosures recorded in the county are now listed with a for-sale price. 97% of the Freddie Mac / Fannie Mae foreclosure inventory is now listed for re-sale. HUD homes have 89% of inventory listed and banks have 95% of their holdings actively listed on the market.

The market share by seller breaks out with HUD representing 12% of the foreclosures for sale, Freddie Mac / Fannie Mae offering 22%, and banks marketing 66% of the foreclosures in Jefferson County Alabama.

A pricing analysis revealed the median price of all foreclosure listings is $45,000 in Jefferson County. Comparing this to Jefferson's overall market median price of $139,900, foreclosures are priced at 68% under the market median. HUD homes display the lowest median price at $32,000. The median price of bank foreclosures in Jefferson County is currently $49,900, while Freddie Mac / Fannie Mae foreclosure listings show a median price of $54,900.

Across all sellers of real estate foreclosures in Jefferson County, price breaks are grouped as:

31% under $25,000

23% between $26,000 and $50,000

13% from $51,000 to $75,000

9% from $76,000 to $100,000

12% between $101,000 and $150,000

13% over $150,000

The least expensive foreclosure currently on the market is a 2 bedroom, 1 bathroom single family foreclosed home on 1st Ave South, Birmingham, listed for $950 by Fannie Mae. The most expensive home is a bank owned foreclosure on Rock Brook Lane, Birmingham priced at $799,900. This home features 6 bedrooms, 7.5 baths, and a separate fully functional living space in the basement. Its last assessment value was $951,200.

See all foreclosure listings in Alabama at http://www.realtystore.com/foreclosures/alabama-foreclosures

Search bank foreclosures with http://www.realtystore.com/foreclosures/bank-foreclosures...

Learn more about real estate foreclosures at http://www.realtystore.com/realty-guide/foreclosure-tutorial


Definitions:

'Foreclosure listing' is used to define an individual REO which is listed for re-sale with a published, public for-sale price.

'Median price' is the price point where one-half of home listings are priced above and one-half listed below the price.

'REO' is an abbreviation for Real-Estate-Owned. These are houses, condominiums, townhomes or land which completed the foreclosure process, having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as the VA, Fannie Mae / Freddie Mac or HUD.

'Shadow inventory' is the count of REO properties in a portfolio of institutionally owned assets which are not currently listed with a re-sale price on the market.

Reporting methodology
RealtyStore County Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)