By Jessica Dickler @CNNMoney May 31, 2012: 5:13 AM ET
NEW YORK (CNNMoney) — Homes in some stage of foreclosure accounted for more than one in four home sales during the first three months of the year, according to a report released Thursday.
Distressed properties that were either in default, scheduled for auction or bank-owned accounted for 26% of all residential sales during the first quarter, up from 22% in the previous quarter and 25% a year earlier, RealtyTrac said.
Altogether, 233,299 distressed properties were purchased during the quarter, an 8% increase from the previous quarter. Those homes sold for an average of $161,214, 27% below the average price of a home not in foreclosure.
"Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure — typically via a short sale," Brandon Moore, chief executive of RealtyTrac said in a statement.
Pre-foreclosure sales, which are often sold as short sales, hit a three-year high during the quarter "even as the average pre-foreclosure sales price dropped to a record low," Moore said.
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http://money.cnn.com/2012/05/31/real_estate/home-sales-foreclosures/index.htm
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