Sales of foreclosed homes 'astronomically high' in first quarter
Huge backlog of distressed properties means any housing recovery is a long way away
A foreclosed house with sale pending sign is shown in Tigard, Ore
By ALEX VEIGA
The Associated Press
updated 5/26/2011
LOS ANGELES — Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
"It's an astronomically high number," said Rick Sharga, a senior vice president at RealtyTrac. "In a normal market, you're looking at the percentage of homes sold in foreclosure to be below 5 percent."
Full article: http://www.msnbc.msn.com/id/43175612/ns/business-personal_finance/
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