How many of those reported sales were foreclosed properties that went back to the lenders?
That would be ZERO.
Those transactions are recorded by the county but not included as part of DQ’s sales numbers. Sales are only arm’s length transacitons and must include a buyer and a seller and money changing hands. A bank buying back their foreclosure at auction does not count.
“DataQuick Information Systems started collecting public record information in 1979. We started publishing statistics in 1989. For eighteen years we’ve used a tight “arm’s-length” definition to distinguish valid sales from all the other real estate activity that we get from county recorder offices. DataQuick has enhanced the database significantly the past 18 years and we’ve decided to take advantage of the improvements
To count as an “arm’s-length” sale for our sales counts, the logic we’ve used insisted that there be a seller, a buyer, and that money changed hands. We’ve now expanded this to include transactions where there was a purchase loan if no price was apparent. ”
