Foreclosures Comprise 26% of U.S. Residential Sales in 1st Quarter of 2012

Home sales that were in some stage of foreclosure or bank owned accounted for 26% of all U.S. home sales during the first three months of 2012, this according to the latest U.S. foreclosure sales report of RealtyTrac.

This first quarter of 2012 distressed properties sales data is up from 22% in the preceding quarter and up from 25% in the first quarter of 2011.

According to RealtyTrac, third parties bought a total of 233,299 distressed properties – those were either in default, scheduled for auction or bank-owned – in the first quarter of this year.

The average sales price of distressed homes was $161,214, down by 1% from the preceding quarter and down by 2% from the first quarter of 2011. This average sales price of distressed homes in the first quarter of this year was 27% below the average sales price of non-distressed homes.

Brandon Moore, chief executive officer of RealtyTrac, said in a statement, “Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure — typically via short sale.”

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