Thursday, Aug 25 2011 3:46PM
Foreclosure sales were high in western states, according to RealtyTrac.
In the second quarter of the year, foreclosure sales made up the largest percentage of overall home sales in Nevada, Arizona and California, according to a report by RealtyTrac.
The report shows nearly two-thirds of all home sales in Nevada between April and June were distressed properties — the highest amount of any state. Additionally, more than half of all sales in California and Arizona were also foreclosures. No other state topped 41 percent.
Many buyers who took advantage of these affordable housing units received a pre-foreclosure or real-estate owned discount on their purchases, according to the report.
"With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term," said James Saccacio, chief executive officer of RealtyTrac, of the report's overall findings.
KTNV in Las Vegas reports many area residents are helping to repair foreclosed properties in and around the city left unattended by banks to make them look more appealing to buyers and improve property values.