Nevada foreclosures accounted for 53 percent of residential sales in the first quarter and those units sold for 18 percent less than traditional sales, according to a report released by a California research firm.
Nevada, which has long led the nation in the rate of foreclosure filings, also led the nation in percentage of foreclosure sales from January through March. That percentage is down from 59 percent in the first quarter of 2010, RealtyTrac reported.
In contrast, nearly 28 percent of all residential sales nationwide were foreclosure-related, which is the most since it was 29 percent in the first quarter of 2010.
Only California and Arizona approached Nevada with 45 percent of their sales being foreclosures.
The average foreclosure sales price was $128,589 in Nevada during the first quarter, which is 18 percent less than traditional sales prices, RealtyTrac reported. Nationwide, there was a 27 percent discount in the first quarter.
California had a 34 percent discount while Arizona had a 25 percent discount on foreclosure-related sales. Ohio had the largest discount at 41 percent.
The 8,322 foreclosure sales in Nevada during the first quarter were 13 percent fewer than the fourth quarter of 2010 and 23 percent fewer than the first quarter of 2010.