think that Daniel@Atlantic fully explains the dichotomy between NAR & CoreLogic foreclosure sales numbers.
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Let's not mix apples in Wa with orange in Cal N Fla., or with Grapefruit in AZ that they don't grow anymore.
NAR does NOT keep track of foreclosure sales @ the end of the foreclosure process; they do NOT sit on the courthouse steps. They do track and report Pending sales by their members which are NOT reported anywhere else, bcuz nothing is "filed"; and they report final/closed member sales. What they might tell U.S., if they are told, is whether the sale or pending sale is a re-sale of a foreclosed property. They might, be told, report, or not.
What RealtyTrac is following are final foreclosures, and separately RE sales. They are very different. What you seem to suggest is that RT reports all or most of the re-sales of foreclosed properties. They do not, exactly, do that. As Obama said about his budget: There are some cracks in there that you might not see. (Sorry. Maybe.)
When a home is finally foreclosed, it is "sold" at a foreclosure sale. Might be to a new purchaser; might be back to the bank at their minimum. The sales price @ foreclosure, on the courthouse steps or in non-judicial, is NOT an accurate number for the eventual sales price.
Some buyers @ foreclosure re-sell for a profit. Buy low; sell via NAR or themselves high. Banks will bid their mortgage, so as to not have to write down the loss and tell FDIC. Then they list it, slowly, over time, as sales eat them up, to try to not loose any more money. Sometimes they win, sometimes they loose. Both of them.
First, what you are noticing is that The Banksters control the flow of REO properties they list, and then sell. Neither NAR or anyone else knows how many REO homes are being held back off the RE markets, or where. And, frankly they do not care, only about their sales commissions. The only thing NAR sees is what is listed with them, and reported to them. No more, maybe less.
There are two things that are currently happening that NAR cannot see, or report, accurately; bcuz thing they are a'changin. First, cash investors jumped back into the market when C-S suggested that prices has "stabilized", shortly after the expiration of the Tax Credit. Then when more current sales number showed U.S. that the prices were back in almost free fall, the cash investors backed out of the single family market - except for the REO minimum priced sales. You do see, do you not, that they knew that the banks would NOT flood the market, and the absolute minimum prices would stay at that level. That has absolutely nothing to DO with existing homes. Well, those that are still lived in.
What NAR thinks they see is the "average sales prices" of their own listings. And, yes, what they DO see is cash sales of the cheapest REO properties. What they do NOT see are unlisted REOs and unlisted & unfinancable condos and above jumbo limit RE properties, and non-sales.
And, Daniel your last line is probably wrong. We actually might be. Tis called wallowing, in the trough, of the 7th wave.
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What Foreclosure Sales Say About Home Price Trends
http://www.theatlantic.com/
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