NEW YORK (CNNMoney.com) -- Homes lost to foreclosure now make up a quarter of the real estate market -- and they're selling at big bargains.
Nearly 250,000 residential properties in some stage of foreclosure changed hands during the second quarter, RealtyTrac reported Thursday. They sold for about 26% less than non-foreclosed homes, compared to 35% less in the first quarter.
A little more than half of these deals were of properties repossessed by banks, the remainder came from the ranks of short sales -- where banks allow homeowners to sell for less than they owe on the mortgage.
There was much regional variation in the foreclosure sales data. Rust Belt states such as Ohio and Michigan had moderately or high levels of foreclosure sales, but the former bubble states is where foreclosures continue to dominate.
In Nevada, they accounted for 56% of all transactions, the highest percentage in the nation. Arizona (47%) and California (43%) also had very high levels.
Foreclosure sales were much rarer in Iowa (4.4%), the District of Columbia (5.6%), Montana (6.4%) and New York (7.5%).
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.01%||4.14%|
|15 yr fixed||3.18%||3.29%|
|30 yr refi||4.01%||4.14%|
|15 yr refi||3.19%||3.31%|
Today's featured rates:
The Trump National Golf Club in California is offering a $10,000 reward for information on the people who vandalized the course. More
The poorest Americans would be hit hard by the GOP bill to repeal Obamacare, according to a new Urban Institute report. More
The Federal Communications Commission voted Thursday to approve a proposed rule that would make it easier for phone companies to crack down on robocalls. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Your credit score plays a major role in your personal finances. The better the score, the better it is for your wallet. Here's how to help get it above the 800 mark. More