PROVIDENCE – The number of foreclosure sales in Rhode Island dropped 43 percent in the first quarter compared with the same quarter last year, RealtyTrac Inc. reported Wednesday.
Still, 42 percent of first-quarter home sales involved foreclosed properties, the Irvine, Calif.-based real-estate tracking firm said. That was a larger share than in all but four other states: Nevada, 64 percent; California, 51 percent; Arizona, 50 percent; and Massachusetts, 42 percent.
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There were 623 foreclosure sales in Rhode Island during the first three months of the year, according to RealtyTrac. While that number represented a decrease from the same period last year, it was a 20 percent increase compared with the prior quarter.
Nationally, the number of foreclosure sales dropped 33 percent during the first quarter compared with the same period last year and 14 percent form the fourth quarter of 2009. RealtyTrac said 31 percent of sales nationwide involved foreclosed properties.
“First-time homebuyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts,” said RealtyTrac CEO James J. Saccacio. “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.”
RealtyTrac said the average sales prices for a foreclosed home in Rhode Island was $120,647 during the first quarter. That represented an average discount of 30 percent compared with non-foreclosed homes.
Rhode Island had the biggest discount on pre-foreclosure properties. The average sales price for properties in default or scheduled for auction was 33 percent below the average for those not in foreclosure in the state. The average discount on bank-owned properties was 15 percent.
Additional information is available at realtytrac.com.
