Foreclosures Played A Big Role in Second-Quarter Home Sales

18 10 2010

Foreclosed homes accounted for 24 percent of all residential sales in the second quarter of 2010, and the average sale price of these homes was more than 26 percent below the average price of homes sold that were not in the foreclosure process, according to the latest quarterly report by RealtyTrac. A total of 248,534 homes in some stage of foreclosure – default, scheduled for auction or bank-owned – were sold in the second quarter, up 5 percent from the previous quarter but down 20 percent from the second quarter of 2009.

Nevada had the highest percentage of foreclosed sales in the country in the second quarter of 2010 with 56 percent, even though that marks a decrease in foreclosure sales from both the previous quarter and the previous year. Foreclosure sales accounted for 47 percent of all sales in Arizona in the second quarter, and California posted the third-highest rate of 43 percent.

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