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Foreclosures accounted for 25 percent of Q3 home sales

Foreclosure properties accounted for 25 percent of the residential homes sold in the 2010 third quarter.

Foreclosure properties accounted for 25 percent of the residential homes sold in the 2010 third quarter.

RealtyTrac recently released their Foreclosure Sales Report, which revealed that foreclosure homes made up 25 percent of all residential sales in the 2010 third quarter.

The average sales price of foreclosure properties was $169,523, down 2.46 percent from the previous quarter and down 0.44 percent from the third quarter of 2009, according to RealtyTrac. In addition, there were a total of 188,748 U.S. properties in some form of foreclosure sold in the third quarter, a decrease of 25 percent from the previous quarter and a decline of approximately 31 percent from the same point in 2009.

One housing market expert notes that attracting qualified buyers and investors may be the key to a resolution to the issue of widespread foreclosures. James Saccacio, chief executive officer of RealtyTrac., says, “A quick but responsible resolution to that issue would be ideal to help the market continue to properly clear out foreclosure inventory and get distressed properties into the hands of qualified buyers and investors who will likely add value to those properties and the neighborhoods they are in.”

Buyers interested in moving into a foreclosed property may want to consider looking in California, as ForeclosureListings.com says the Golden State had the most listings in November at 182,665.