31% of Home Sales in First Quarter Were Foreclosures

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foreclosed homes for sale listings

MIAMI, Fla., July 13 (SEND2PRESS NEWSWIRE) -- Foreclosure Deals, an online leader in the foreclosed homes for sale listings and information industry, announced today that 31% of all residential properties sold in the first quarter of 2010 were foreclosure properties. Experts at the company believe the statistic shows that people are continuing to turn to the foreclosure market as a plentiful source of low cost homes.

With 232,950 foreclosure homes sold during the first quarter, the total is down slightly from the final quarter of 2009, and down 33% from the total foreclosure homes sold in the first quarter of 2009. The falling total sales could be an indication of a shrinking market, but falling prices over the same period show that foreclosure homes can still be purchased at prices far below the national average. The price of a foreclosure during the first quarter was 27% below the average sale price of a traditional home sale.

"Buyers are attracted to foreclosures because they offer tremendous discounts," remarked James Foxx, a business analyst with Foreclosure Deals. "The numbers show that each year, the total number of foreclosures sold has increased, and that's not just a reflection of supply. They're very popular, and for good reason, there's no better investment value in real estate currently out there."

According to statistics, foreclosure home sales did increase by 25% from 2008 to 2009, and over 320% since 2007. During the first quarter, foreclosures accounted for more than 50% of home sales in California, Nevada and Arizona. Foreclosure homes accounted for at least 33% of home sales in Michigan, Massachusetts, Florida, Georgia, and Illinois.

Bank-owned and REO properties accounted for 19% of all residential sales during the first quarter, with an average market value discount of 34%. Pre-foreclosure homes, or homes in default, accounted for 12%.

Ohio had the highest average discount on a foreclosed home in the first quarter, at 39.5% below market value. Close behind were Kentucky and Illinois at 39%, and California and Tennessee at 37%.

"The statistics show that buyers and investors are getting some great deals," said Foxx. "And you don't have to buy in the really tough markets, like Las Vegas, NV or Phoenix, AZ to find them."

The average discount on a foreclosure home nationwide has risen from 21% to 27% since 2006.

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