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Foreclosed Home Sales in Florida Accounted for 39 Percent

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By : John Cutts    99 or more times read
Distressed and foreclosed home sales in Florida accounted for nearly 39 percent of all homes sold in the state in the first three months this year.

Florida was among the ten states which had their foreclosure sales accounting for more than one-third of their overall house sales in the first quarter. Nevada posted the highest percentage of sales at 63.5 percent.

A total of 35,410 distressed properties and foreclosures in Florida were sold in the first quarter, accounting for 15.2 percent of all foreclosure sales nationwide during the quarter. The first-quarter total also marked an increase of more than 9 percent from the total one year earlier, but it marked a drop of nearly three percent from the previous quarter.

Among the states, California posted the highest foreclosed home sales volume at 59,823 units. Florida was second and Arizona was third with 17,307 units. Everyone who bought a repossessed property for sale in the country in the first quarter got a substantial discount, as the average price discount for all REO homes nationwide was 34 percent.

In Florida, the average price discount for bank owned foreclosures was 37.8 percent. For all types of foreclosures sold, whether still in pre-foreclosure or already foreclosed, the average price was $121,394, lower by 28.4 percent than the average price for all non-foreclosed homes sold during the quarter.

Nationwide, the average price for foreclosure homes sold was $171,971, lower by 26.7 percent than the average price for non-foreclosures sold during the quarter.

While Florida was third in foreclosure rate and second in total foreclosure filings among the 50 states in the first quarter, Florida was not among the top five states in percentage of foreclosure sales and in average sales price discount. The new entrants to the foreclosure sales chart were Massachusetts and Rhode Island. They posted 42.15 percent and 41.64 percent in percentages of foreclosed home sales, respectively, during the quarter.

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