(wire)
One-third of Q1 home sales were foreclosures
Foreclosures accounted one-third of all home sales during the first quarter of 2010, selling at nearly a 30 percent discount, according to a new report from RealtyTrac.
The study found that 31 percent of all sales during the three-month period were foreclosures, and that homebuyers paid an average of 27 percent less compared to sales of non-distressed homes.
The study included both properties sold in short sales or after a bank repossession as foreclosure sales.
In addition, REOs, or homes repossessed from borrowers and owned by a lender, sold for 34 percent less than conventional sales, while pre-foreclosures sold for an average of 15 percent less.
In Nevada, foreclosures accounted for nearly 64 percent of all transactions, which was actually an improvement from the same period last year, when they accounted for 75 percent of all sales.
The study found that 31 percent of all sales during the three-month period were foreclosures, and that homebuyers paid an average of 27 percent less compared to sales of non-distressed homes.
The study included both properties sold in short sales or after a bank repossession as foreclosure sales.
In addition, REOs, or homes repossessed from borrowers and owned by a lender, sold for 34 percent less than conventional sales, while pre-foreclosures sold for an average of 15 percent less.
In Nevada, foreclosures accounted for nearly 64 percent of all transactions, which was actually an improvement from the same period last year, when they accounted for 75 percent of all sales.
