Homes in some stage of foreclosure or bank Real Estate Owned (REOs) properties accounted for more than a quarter of all U.S. residential sales during the first quarter, according to new data from Irvine, Calif.-based RealtyTrac. This is up from 22% of all sales in the fourth quarter of 2011 and up from 25% of all sales in the first quarter of 2011.
Third parties purchased a total of 233,299 residential properties in some stage of pre-foreclosure - defaults and scheduled foreclosure auctions - or REO properties during the first quarter, an increase of 8% from the previous quarter and virtually unchanged from the first quarter of 2011.
The average sales price of homes in foreclosure or REO properties was $161,214 in the first quarter, down 1% from the previous quarter and down 2% from the first quarter of 2011.
Third parties purchased a total of 109,521 pre-foreclosure homes - in default or scheduled for auction - during the first quarter, an increase of 16% from the previous quarter and an increase of 25% from the first quarter of 2011. First-quarter pre-foreclosure sales were at their highest quarterly level since the first quarter of 2009. Third parties purchased a total of 123,778 REO homes in the first quarter, up 2% from the previous quarter but down 15% from the first quarter of 2011.
Source: Realtytrac