A report released by the National Association of Realtors Tuesday show that distressed properties – including bank-owned homes and pre-foreclosure short sales – made up 39 percent of the first quarter’s existing-home sales. Overall, sales of previously owned homes rose to an annual rate of 5.14 million units during the first three months of this year. That pace is 8.3 percent higher than during the previous quarter and essentially equal compared to the same period in 2010.
With distressed homes grabbing such a large share of the market, the median home price in most areas continues to slide. NAR says distressed properties typically sold at a discount of about 20 percent during the first quarter. However, non distressed properties are holding their own on the Westside, continuing to balance out the lower distressed sales.
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