Foreclosure Homes in California still Higher compared to the other States

According to the sales report of a real estate firm, foreclosure homes in California were accounted for higher percentage of the total sales of the home in the month of May. Among almost 41,000 homes that were sold in May across the state, 14,543 housing units were foreclosure units making it almost 36 percent.

For people who had interest in purchasing foreclosure homes in California, this huge number of properties that were sold in the state are making them hopeful that they are in the right direction. Chances are high that they will get good foreclosure deals because of the increased bank repossession and foreclosure filings, in comparison with the last month.

Compared to the total sales of the previous month of 37,481 housing units, this month the total home sales increased over 9 percent and in comparison with the earlier year when over 39,000 housing units were sold, this year the increase was more than 5 percent. The average total of the foreclosure home sales in the month of May is 47,024 housing units.

The rate of foreclosure in the state of California increased in the month of May after over 25 percent month-over-month decline in the month of April this year. Almost 25,156 housing units were posted for the trustee sale. These residential units were homes that were not yet foreclosed.

There were also 16,932 housing units that were repossessed by banks. Another 27,337 home units were received notices of default and pending lawsuits. Combining all these units together, the number reached to the total of 69,725 units that was the highest number of foreclosure posted by any state in the month of May.

In the month of May, the state of California stood first in the ranking of foreclosure homes by any state. However, according to the percentage of foreclosure, the state of Nevada is still the highest with a foreclosure filing rate of one housing unit in every 69 households.

The average price of the homes that were sold in the month of May was $278,000. The price increased by almost 9 percent compared to the average price of April of $255,000 and an increase of almost 21 percent in comparison with the average price of $230,000 in the month of May.

Though in May, the percentage of the foreclosure homes in the state of California was high, compared to April rate of 38% it was lower and 50.2 percent of the May last year.