Nevada Leads in Foreclosure Sales
Sixty-four percent of sales in the state were for foreclosed properties.
Although some homeowners may have not been able to stop foreclosure on their houses, it may have led to benefits for those who were looking to make new purchases.
According to RealtyTrac, Nevada, California and Arizona posted the highest percentage of first-quarter foreclosures sales in the country. For example, the Silver State saw 64 percent of all home purchases involve a troubled property, the highest for the country.
California came in second with a rate of 51 percent, while Arizona was third with half of all its sales accounted for by foreclosed properties.
The three states also have posted some of the highest foreclosure rates in the nation. Nevada saw one in every 79 homes face a filing in May.
Nationally, 31 percent of all homes sold were of this variety, while these properties also saw prices that were, on average, 27 percent less for buyers.
"As lenders have begun repossessing homes at record levels over the first half of 2010, it will be interesting to watch how they will manage the inventory levels of distressed properties on the market in order to prevent more dramatic price deterioration," James Saccacio, CEO of RealtyTrac, said.
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