Sales of homes that were in some stage of foreclosure or bank owned accounted for 26% of all U.S. residential sales during the first quarter, up from 22% of all sales in the fourth quarter. The average sales price of homes in foreclosure or bank owned continued to fall and was 27% below the average sales price of homes not in foreclosure or bank-owned during the quarter. Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions.
Short Sales Hit 3 Year High, Avg. Price at Record Low
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