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State Foreclosures Second Highest In Riverside County

Riverside County had the second-highest number of foreclosure sales in the state during the first quarter of this year, a real estate tracking firm reported today.

A total of 7,147 repossessed properties were sold off in Riverside County between January and March, accounting for 56 percent of the total sales volume, according to Irvine-based RealtyTrac.

The pace of foreclosure sales, however, dropped off compared to the last quarter of 2009, when 9,449 distressed properties were bought, representing a 24 percent quarter-to-quarter decline.

Foreclosure sales countywide were down 52 percent compared to a year ago.

The average selling price of a property in default in Riverside County was $191,378 during the first quarter, and buyers were able to acquire a foreclosed home for an average 20 percent less than the price paid for a non- distressed property in the same area, according to RealtyTrac.

Los Angeles County had the highest number of foreclosure sales in the first quarter — 10,823 — according to the tracking firm.

San Bernardino County came in third, with 5,666 sales.

“First-time homebuyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts,” said RealtyTrac Chief Executive Officer 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,” he said.

Nationally, California had the highest number of foreclosure sales — 59,823 — which represented about half of all home sales in the state during the first quarter, according to RealtyTrac.

Nevada’s 10,425 foreclosure sales, however, comprised 64 percent of all real estate transactions in statewide, more than any other state, according to data.

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