Sales of foreclosed homes fell in 1Q
LOS ANGELES — Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said today.
“It’s an astronomically high number,” said Rick Sharga, a senior vice president at RealtyTrac.
