Sales of homes in some stage of foreclosure and sales of bank owned homes accounted for 26 percent of U.S. residential sales in the first quarter.
This was up from 22 percent the previous quarter, according to RealtyTrac.
Homebuyers bought a total of 123,778 bank-owned (REO) homes in the first quarter up from 2 percent from the previous quarter, but down from 15 percent from a year ago.
We drew on RealtyTrac’s latest foreclosure report to look at the cities that offered the highest discount on bank-owned homes. REO’s across the country sold for an average price of $147,995.
Note: The data is for metro areas with at least 100 REO sales during the first quarter.
Santa Barbara-Santa Maria-Goleta
Average discount:
47.50%
Average sales price:
$235,135
REO sales:
284 units
Source: RealtyTrac
Lansing-East Lansing
Average discount:
47.83%
Average sales price:
$50,667
REO sales:
210 units
Source: RealtyTrac
Louisville/Jefferson County
Average discount:
48.57%
Average sales price:
$80,636
REO sales:
368 units
Source: RealtyTrac
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