Spike in foreclosure sales sparks hectic August for local housing market - Longview Daily News

Last month, the county's median sales price was $135,500, about a12 percent drop from the $150,700 median in July, NMLS reported. Sales rose to 81 in August, a 21 percent increase from the 67 homessold the previous month. Last month's sales were nearly double the43 sold August 2010. About 35 percent of August sales were foreclosed homes, up from 22percent in July, Thompson said. The percentage of foreclosure saleshas ranged between 40 percent and 60 percent for most of the year,and July was the lowest, according to analyses by local real-estatebrokers. Banks tend to sell foreclosed properties at bargain prices to clearout inventory, which has led to a drop in median price ranging from7 percent to 15 percent for most of the year, according toNMLS. Last month's inventory of 614 homes on the market barely changedfrom July and was well below the 716 Homes for Sale in August 2010,NMLS reported. Statewide, brokers noted a brisk August, with sales climbing about35 percent from the previous year, NMLS reported. This material may not be published, broadcast, rewritten or redistributed. Featured BusinessesI'm looking for:Located near:Hint: Enter a keyword that you are looking for like tires, pizza or Doctors or browse the full business directory, powered by Local. See how you stack up against your friends and theso-called experts at The Daily News. Sign up now to receiveexclusive offers and email updates when new deals becomeavailable. Your photo could appear in the sports section of theFriday edition of the printed paper and will appear in the online photogallery. Your photo could appear in the sportssection of the Sunday edition of the printed paper and will appearin the online photo gallery. Homes for Sale