According to research firm RealtyTrac, foreclosures accounted for half of all home sales between April and June. RealtyTrac's Daren Blomquist said that's up 12% from the previous three months.
"For California we're seeing the most of any state in terms of sales of properties in some stage of foreclosure. And buyers of foreclosure properties are getting pretty good discounts," Blomquist said. "On average the sales price of a foreclosure property was 43% below the average sales price of a non-foreclosure property."
Blomquist also commented that pre-foreclosure home sales, which are often sold via short sale, were up 38% from the previous quarter. He expects a steady increase of foreclosure sales in the coming months because bank-owned homes make up such a large share of the market.
