Reprinted from the California Association of Realtors NewsLine.
Foreclosed homes accounted for 24 percent of all residential sales in the second quarter of 2010, RealtyTrac recently reported. The average sales price of properties that sold while in a stage of foreclosure was more than 26 percent less than 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 the report.
U.S. properties in the foreclosure process that were sold to third parties increased nearly 5 percent in the second quarter compared with the first quarter, but were down 20 percent from the second quarter of 2009.
Nevada, Arizona, and California posted the highest percentages of foreclosure sales in Q2.
Foreclosure sales accounted for nearly 43 percent of all sales in California, the third highest percentage among the states. California pre-foreclosure sales increased nearly 8 percent from the previous quarter, but were down 4 percent from the second quarter of 2009. California REO sales increased 1 percent from the previous quarter but were down 45 percent from the second quarter of 2009.