During the last quarter of 2010, foreclosures sales, including REOs and Oregon foreclosures homes up for grabs in foreclosure auctions, was 15.06 percent less than 2009 figures and 37.03 percent less than 2008 levels.

Across the nation, foreclosures sales was down 31.14 percent the previous year and 13.76 percent the year before that. Sales involving distressed properties actually accounted for 26 percent of the total residential sales. As for the number of homes in foreclosure process, it surprisingly dropped by 22.01 percent during the last quarter compared to the third quarter. It was also 43.35 percent fewer than the fourth quarter of the previous year.

The dampened foreclosure sales activity can be blamed to the expiration of the federal tax credit incentive and the robo-signing controversy. Aside from this, the continuously high foreclosure rate has resulted to declining home prices. Still, these repo homes, such as Portland foreclosures, are relatively cheaper than regular homes for sale in the market.

Experts believe that the weak buyer demand as well as the bloated foreclosed homes database will continue to drag home prices down in the coming months. This means foreclosure sales activity could increase, especially since they usually attract cash-laden investors who are looking to enjoy huge discounts.

Of course, if the sales of foreclosures and homes in foreclosure process follow an increasing trend, it could eventually reduce the repo homes oversupply. But the industry needs to accept that home prices will remain weighed down and continue on its downward path.

Foreclosures that made up just over 20% of 2009 home sales in five Houston Counties went for an average price of $87,000 compared to almost $91,000 in 2008 when they comprised 21.9%. While the downward effect of this on house prices had previously been felt more in newer areas outside the Beltway, more recently older inner-Beltway suburbs have been feeling the pressure too.

The recent situation inside the Beltway is as follows:

• 67% of the 53 homes sold in north western Forestwood were foreclosures that helped lower the average 2009 price per square foot by 18%.
• 50% of the 96 house sales in Northwest Park during the same period were also foreclosures bringing the price down 11%.
• In eastern Woodforest slightly over 30% of the 162 sales that took place during 2008 and 2009 were foreclosures, although the price per square foot dropped just 6% in 2009.

The situation outside the Beltway is now on par, or, if anything, slightly better:

• Foreclosures in Kenswick Meadows in the Humble area amounted to just on 50% of the 88 sales over the part two years, while the value drop per square foot was 16%.
• Although foreclosure sales amounted to almost 20% of the 576 sales in Fort Bend’s Shadow Creek Ranch, 2009 values dropped just 4%.
• Around 50% of the sales in Fresno’s Winfield Lakes were foreclosures, and these contributed to a 2009 fall of 13% in square feet value.

These figures suggest that the foreclosure-driven rate per square is now equally bad in better established Houston County suburbs, where, traditionally, financially securer people tend to live.

It’s all to do with bad lending practices,” claims Crawford Real Estate President Evert Crawford. “More than a few of these people should never have been granted loans in the first place, yet still the banks are blaming everybody but themselves.

Competition from foreclosures is also making it harder for un-delinquent sellers to realise reasonable prices for their houses. More than a few had buyers lined up before fresh foreclosures popped up across the road at better prices.

Ralph Murdoch of Foreclosure Information and Listing Service believes the foreclosure rate is leveling off. “We’re chipping away at the backlog now,” he says, “and things would be better by now were it not for unemployment. I expect a gradual improvement in the second part of this year as sub-prime mortgages work their way through and the federal mitigation program begins to take effect.”

But is the worst really over?

“Some banks are holding on to properties until prices turn, while others are faced with a huge foreclosure back-log to work through,” claims Michael Weaster, a local agent specializing in bank foreclosure sales.

The jury’s still out on whether America is getting past the worst or whether that is still to come. Follow the story further at www.foreclosureconnections.com.

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