Phoenix Business Journal

Foreclosures as a percentage of all home sales were down in Arizona in the first quarter, but the state still ranked third on that front behind Nevada and California, according to Realty trac numbers released Wednesday.

The online foreclosure marketplace reported that the state’s 117,307 foreclosures accounted to 50 percent of all sales in the state during the first quarter, down 17 percent from the fourth quarter and 33 percent over first-quarter 2009.

Nationally foreclosured homes accounted for 31 percent of all residential sales in Q1. The average sales price of properties that sold while in some stage of foreclosure was nearly 27 percent below the average price other sales.

The average price of foreclosed homes in Arizona during the quarter was $138,021, representing a 25 percent discount. That compares with an average price of $171,971 nationally. Ohio, Kentucky and Illinois posted the highest discount rate at 39 percent.

Last week research on the Phoenix housing market from Arizona State University showed home prices here are likely to remain stable for an extended period of time.

Read more: Foreclosure percentage down, but AZ still ranks third – Phoenix Business Journal

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