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Foreclosure Home Auctions Continue to Enjoy Healthy Sales

Sales of residential properties at foreclosure home auctions remain strong as 2012 starts. Figures for January and February show that residential property sales are off to a good start, giving hope that the rest of the year will continue to be a better one for the housing sector.

Foreclosure Auctions Continue to Enjoy Healthy Sales

The busy home buying market helps keep prices in most U.S. areas at a more stable condition. Data has also shown that a lot of home buyers and investors prefer to purchase distressed houses, with home auctions teeming with bargain hunters.

Sales and Prices Gaining Traction

Existing residential property sales for the first two months of 2012 recorded their best totals in five years. For February, sales were up by 13% compared with one year ago, while January sales figures recorded their highest level for a single month since May 2010.

The continuous increase in home sales transactions is helping stabilize prices in most areas of the country. Although prices are still down in majority of metro areas, the rate by which they are declining has slowed, with January 2012 price figures remaining much the same as the previous month.

Last Minute Shopping for Home Buyers

As sales strengthen and prices stabilize, analysts expect the housing market to go full blast into recovery mode. This, they claim, will mean prices are expected to rise soon and mortgage rates will likely follow. They expect homebuyers to take advantage of the remaining bargain houses for sale before the housing industry returns to normal.

For buyers planning to grab low-priced properties before they disappear, housing analysts claim that areas like Arizona and Florida are the best places to go. Florida markets, like Tampa, still offer a lot of low-priced foreclosures. Arizona also offers abundant bargains and a lot of buyers have already taken advantage of these deals, with sales of existing dwellings in the state steadily rising since the third quarter of last year.

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