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||4.08%||4.24%|
|15 yr fixed||3.19%||3.23%|
|30 yr refi||4.06%||4.15%|
|15 yr refi||3.17%||3.17%|
Today's featured rates:
Nike flexes its huge dollar advantage by signing Durant to a $300 million endorsement deal that trumps $285 million offer from Under Armour More
The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More
A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. More