More than 12 percent of all home sales in Hawaii during the first quarter of 2010 were foreclosure sales, according to a new report.
There were 424 sales of homes that were actively in some stage of foreclosure or bank-owned during the first three months of the year, according to the report by Irvine, Calif.-based RealtyTrac.
It was a 94 percent increase over the first quarter of 2009, but relatively flat when compared with the last quarter of 2009.
The average sale price of those foreclosure homes in Hawaii was $426,911, a 15 percent discount off market-priced homes, according to RealtyTrac.
The average discount for a bank-owned home was almost 30 percent, while the discount for a home in the foreclosure process was a little less than 5 percent.
Nationally, foreclosure homes accounted for 31 percent of all residential sales during the first quarter, and the average sale price of those homes was 27 percent below the average sale price of homes that weren’t in the foreclosure process.
RealtyTrac reported that a total of 232,959 homes in the United States in some sort of foreclosure process were sold in the first quarter, a 14 percent decline from the fourth quarter of 2009, and a 33 percent drop from the peak during the first quarter of 2009.
“First-time homebuyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts,” RealtyTrac CEO James J. Saccacio said in a news release. “As lenders have begun repossessing homes at record levels over the first half of 2010, it will be interesting to watch how they will manage the inventory levels of distressed properties on the market in order to prevent more dramatic price deterioration.”
Nevada had the highest number of foreclosure sales in the nation, with 64 percent of all homes sold in some form of the foreclosure process. California and Arizona rounded out the top three states.