Foreclosures 31 Percent Of U.S. Home Sales

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IRVINE, Calif., Aug. 25 (UPI) — Foreclosure sales as a percentage of U.S. home sales dropped in the second quarter compared to the first, online marketplace RealtyTrac said Thursday.

Homes listed in some stage of foreclosure or fully bank owned made up 31 percent of all residential U.S. home sales, down from 36 percent in the first quarter, the firm said.

The percentage was an increase, however, from the 24 percent rate of the second quarter of 2010. Still, the number of foreclosure sales in the latest period dropped 11 percent below the second quarter of 2010 to a total of 265,087 homes.

The average price for a foreclosure sale in the second quarter was $164,217, down less than 1 percent from the first quarter and down nearly 5 percent from the same quarter a year earlier.

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