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All told, 221,536 bank-owned homes and others in the foreclosure process were sold in 2011's third quarter. That's down 11 percent from the second quarter and down 5 percent from the third quarter of 2010. Foreclosures, often in need of repair, typically sell at big discounts and weaken prices for neighboring homes. Homebuyers who purchased a foreclosure in the third quarter paid an average of $165,322, representing a discount of 34 percent from the average sale price of all other homes, RealtyTrac said. The discount was unchanged from the April-June quarter, but declined from 37 percent in the third quarter of 2010. Bank-owned homes, which are sold after being repossessed, accounted for nearly 12 percent of all sales in the third quarter. Sales of homes in the foreclosure process
-- properties in default or scheduled for auction -- made up about 9 percent of all sales. Nevada led all states with foreclosure sales accounting for nearly 57 percent of all home sales, RealtyTrac said. Several other states had foreclosure sales that made up at least 20 percent of all homes purchased in the third quarter: California, Arizona, Georgia, Colorado and Michigan.
[Associated
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