Palm Beach repo homes for sale and distressed properties accounted for more than one-fourth of all homes sold in the county from January to March this year.
Because of the relatively high percentage of foreclosure sales, buyers were able to buy homes at an average price of $148,458, lower by 22 percent than the average price of nonforeclosure homes.
Distressed and repo homes in Florida also accounted for a big portion of total statewide house sales in the first quarter. A total of 35,410 homes or nearly 39 percent of all homes sold were foreclosures. The average sales price for these homes was $121,394, lower by 28.4 percent than the average price for non-foreclosed homes.
Meanwhile, every buyer of a bank repossessed property for sale during the same quarter, including buyers of Palm Beach repo homes for sale, got an average price discount of 37.8 percent while every buyer of a pre-foreclosure home got an average price discount of 20.9 percent.
In the first-quarter foreclosure sales chart recently released, Florida was not among the top five states in percentage of foreclosure sales and in average sales price discount despite being in the top five states in the foreclosure rate chart during the same quarter.
Florida was third in rate of foreclosure from January to March, with one filing for every 57 residential units in the state. A total of 153,540 Florida homes entered foreclosure, accounting for 16.5 percent of total foreclosure cases filed nationwide. The total also marked a seven-percent jump over the quarter and a 29-percent increase over the year.
Of the nearly 154,000 filings, more than 22,000 units or 14.4 percent were real estate owned. These REOs accounted for 8.5 percent of all homes repossessed nationwide during the quarter.
On the whole, price discounts for Palm Beach repo homes for sale continue to benefit buyers and investors in foreclosures in the area.
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