Home supply greatly exceeds demand, meaning that home prices are headed down at least another 10% on average around America.
Home buyer tax credits expired in April and ever since sales and prices have gone consistently down.
What I find surprising is that paperwork slowed down the foreclosure process during this time for many of the big banks.
The worst summer for home sales in decades also put a chill on foreclosure sales, even as the average discounts on the distressed properties got bigger compared with other types of homes.
Foreclosure sales plunged 25 percent in the July-September quarter versus the April-June period and tumbled 31 percent from the third quarter last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
Sales of non-foreclosed properties fell 29 percent sequentially and nearly 31 percent from the third quarter last year, the firm said.