IRVINE, Calif. — Foreclosure homes made up nearly one-fourth of all residential sales in the second quarter, according to a new report from RealtyTrac Inc., with Nevada leading the way.
The foreclosure-tracking outfit said 248,534 U.S. homes sold in some stage of foreclosure during the quarter, an increase of 5 percent from the previous quarter, but down 20 percent from a year ago.
Foreclosures on average sold at a 26 percent discount compared with properties not in foreclosure. That’s down from 27 percent in the first quarter.
Nevada, Arizona and California recorded the highest percentages of foreclosure sales in the quarter.
Foreclosure sales in Nevada were 56 percent of all sales in the state during the quarter. That figure was 47 percent in Arizona and 43 percent in California.