News Summary: Sales of bank-owned homes fell in 1Q

AP News
Posted: May 30, 2013 12:01 AM

FORECLOSURE SALES: Foreclosure tracker RealtyTrac Inc. says 190,121 U.S. bank-owned homes or properties in some stage of the foreclosure process were sold in the first quarter. That's down 18 percent from the previous three months and 22 percent from a year earlier.

SMALLER SHARE: Foreclosure-related sales accounted for 21 percent of all U.S. home sales, down from 25 percent in the first quarter last year.

BIGGER DISCOUNT: On average, bank-owned homes sold for 38 percent less than homes not in foreclosure, up from a discount of 34 percent in the first quarter of 2012.