Sales of Foreclosure Homes Fall

Irvine, CA, May 26, 2011--U.S. homes in foreclosure sold at an average 27% less in the first quarter, according to RealtyTrac. This number reflects the price of distressed properties as compared to normal selling prices.

In addition, purchases of properties in distress fell to less than half the peak, which was set two years ago.

A total of 158,434 homes that sold in the first quarter received notices of default, auction or repossession, down 16% from the fourth quarter and 36% from a year earlier, RealtyTrac said. At that pace, it would take three years to clear the supply of distressed and bank-owned houses.

Roughly 1.9 million homes are in some stage of foreclosure.