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Park Ridge, Illinois, United States
Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.

Friday, March 2, 2012

Foreclosures account for 24% of 4Q home sales: RealtyTrac info

Bank-owned-two

• March 1, 2012 

Homes in some state of foreclosure represented 24% of all U.S. home sales in the fourth quarter, up from 20% of all sales in the third quarter and down 26% from a year earlier, RealtyTrac said Thursday. 

The Irvine, Calif.-based foreclosure data firm said third parties acquired 204,080 homes classified as distressed or bank-owned in the fourth quarter, down 2% from the same period a year earlier. 

"Sales of foreclosures in the fourth quarter continued to be slowed by questions surrounding proper foreclosure paperwork and procedures," said Brandon Moore, chief executive officer of RealtyTrac.

Total foreclosure-related sales in 2011 hit 907,138 transactions, down 2% from 2010. 

The average sale price of a home in foreclosure or a bank-owned property hit $164,944 in the fourth quarter, a 5% decline from the fourth quarter of 2010. 

"Foreclosures accounted for nearly one in every four sales during the quarter and for the entire year," Moorse said. "We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months."

Moore added that trends show a shift towards pre-foreclosure sales and short sales and away from REO sales. 

During the fourth quarter, third parties acquired 88,303 pre-foreclosure properties scheduled for auction or in default, down 5% from the previous quarter but up 15% from a year earlier. In addition, 115,777 bank-owned homes in the fourth quarter were acquired, down 10% from the previous quarter and 12% from the fourth quarter of 2010. 

Pre-foreclosure sales in 2011 rose more than 20% from the year earlier in Michigan, Georgia, Arizona, Washington, Nevada, Oregon, Illinois, Ohio, California and Texas.

Nevada, California and Georgia had the highest percentage of foreclosure sales. Distressed properties  accounted for 56% of all residential sales in Nevada.

California foreclosure-related sales accounted for 43% of all fourth-quarter property sales, followed by Georgia, where foreclosures or distressed sales accounted for 39% of all fourth-quarter home sales.

By Kerri Panchuk/ HousingWire

Posted via email from Chicago & Suburbs Short Sale & Foreclosure News !

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