Foreclosure homes account for 24 percent of Q2

Foreclosure homes accounted for 24 percent of all residential sales in the second quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 26 percent below the average sales price of properties not in the foreclosure process – down slightly from a 27 percent average discount in the first quarter, according to RealtyTrac’s Q2 2010 U.S. Foreclosure Sales Report.

A total of 248,534 U.S. properties in some stage of foreclosure sold to third parties in the second quarter, an increase of nearly 5 percent from the previous quarter, but still down 20 percent from the second quarter of 2009.

A total of 151,290 bank-owned (REO) properties sold to third parties in the second quarter, up 3 percent from the previous quarter but down 28 percent from the second quarter of 2009. Foreclosure sales accounted for nearly 56 percent of all sales in Nevada in the second quarter, the highest percentage of any state despite a decrease in foreclosure sales from the previous quarter and from the second quarter of 2009. Nevada pre-foreclosure sales jumped 29 percent from the previous quarter and were up 2 percent from the second quarter of 2009, but Nevada REO sales decreased 14 percent from the previous quarter and were down 43 percent from the second quarter of 2009.

Other states where foreclosure sales accounted for at least one-quarter of all sales were Arizona (47 percent), California (43 percent), Rhode Island (37 percent), Massachusetts (35 percent), Florida (34 percent), Michigan (33 percent), Georgia (27 percent), Idaho (27 percent), and Oregon (25 percent).

Source: Realty Trac

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