50 Percent of Home Sales in Three States Tied to Foreclosure
California, Nevada and Arizona all posted a rate higher than the national average for the sale of foreclosed properties in the first quarter.
The first quarter of this year saw many foreclosure sales, including higher rates for these home purchases in states in the West.
According to the report from Foreclosure Deals, California, Nevada and Arizona saw 50 percent of home sales accounted for by defaulted homes, while the rest of the country posted a rate of 31 percent.
Foreclosure Deals business analyst James Foxx noted that many buyers are drawn to foreclosed properties because they offer a less-expensive option for securing a purchase.
"The numbers show that each year, the total number of foreclosures sold has increased, and that's not just a reflection of supply," Foxx said.
Problems in the housing market have hit states like California, Nevada and Arizona particularly hard, which may account for why more foreclosed properties are available in those states.
Meanwhile, other consumers may be trying to avoid foreclosure through government initiatives like the federal Home Affordable Modification Program. States have instituted their own similar programs to try and keep people in their houses.
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