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Long Island foreclosure sales down

The government is seeking to reduce the

The government is seeking to reduce the role played by Fannie Mae and Freddie Mac in the housing market. Photo Credit: iStock

Foreclosure sales made up a smaller percentage of home sales in the third quarter of 2011, RealtyTrac reports. Sales of homes that were bank-owned or in some stage of foreclosure made up 20 percent of all U.S. residential sales in the third quarter, down from 22 percent of all sales in the second quarter, and down from 30 percent of all sales in the third quarter of 2010.

There were 240 foreclosure sales in Nassau, making up 7.2 percent of all sales. That percentage is down 7.69 percent form the previous quarter, and down 25.5 percent year over year.

In Suffolk, there were 340 foreclosure sales for the third quarter, which accounted for 8.39 percent of all sales. That’s a decrease of 27.66 percent from the second quarter and 35.24 percent year over year.

The reduction is due in part to procedural snags slowing down lenders’ foreclosure processes, says RealtyTrac chief executive Brandon Moore. “Even with the hurdles to selling foreclosures, foreclosure sales continue to represent a historically high percentage of all sales,” Moore said, adding that in 2005 and 2006, foreclosure sales accounted for less than 5 percent of all sales nationwide.

The average foreclosure sale price in Nassau for the third quarter was $363,494, representing an average discount of 31.62 percent.

In Suffolk for the third quarter, the average foreclosure sale price was $218,493, representing a discount of 49.08 percent on average.

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