Foreclosures Even Better Bargains in 2010

Irvine, CA, Feb. 24, 2011 -- The differential between the average sale price of a foreclosure and other sales edged up last year, according to tracking firm RealtyTrac.

RealtyTrac said that those bargains will continue as the backlog of foreclosures for sale increased last year.

Buyers who purchased a foreclosed home last year got, on average, a 28 percent discount to a non-foreclosure sale. That's up from a 27 percent average discount in 2009, RealtyTrac said.

Foreclosed homes made up nearly 26 percent of all home sales last year, according to RealtyTrac. That's down from 29 percent in 2009 but up from 23 percent in 2008.

In a normal market, foreclosures account for less than 10 percent of all home sales.

A total of 831,574 foreclosed properties were sold last year, RealtyTrac said.

That's down 31 percent from 2009 and down nearly 14 percent from 2008.