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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 26, 2011  |   In 7 States, Foreclosures Make Up 32% or More of Sales
Foreclosure sales are making up a big chunk of home sales across the country. In the first quarter (January through March) of this year, bank-owned home sales and homes in some stage of foreclosure made up 28 percent of all home sales in the country which is up slightly from the fourth quarter of 2010 (27 percent), RealtyTrac reports. In some states, that percentage was even higher.

According to the latest RealtyTrac data for the first quarter of 2011, here are the states where foreclosures make up the largest percentage of home sales, along with the average foreclosure price and the percentage discount over a non-distressed property.

Nevada
Percent of sales: 53%
Average foreclosure sales price: $128,589
Percentage discount over non-foreclosure sales: 18%

California
Percent of sales: 45%
Average foreclosure sales price: $247,623
Percentage discount over non-foreclosure sales: 34%

Arizona
Percent of sales: 45%
Average foreclosure sales price: $128,289
Percentage discount over non-foreclosure sales: 25%

Idaho
Percent of sales: 33%
Average foreclosure sales price: $141,845
Percentage discount over non-foreclosure sales: 15%

Florida
Percent of sales: 32%
Average foreclosure sales price: $116,583
Percentage discount over non-foreclosure sales: 27%

Michigan
Percentage of sales: 32%
Average foreclosure sales price: $70,358
Percentage discount over non-foreclosure sales: 34%

Oregon
Percentage of sales: 32%
Average foreclosure sales price: $175,957
Percentage discount over non-foreclosure sales: 24%

Source: “A Look at the States Where Foreclosures Made Up at Least 25 Percent of Home Sales in First Quarter,” The Associated Press (May 26, 2011) and “Foreclosure Homes Account for 28 Percent of Q1 2011 Sales,” RealtyTrac (May 26, 2011)




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