More than 25,000 short sale and bank owned homes in Florida were snapped up by bargain-hunting owner-buyers and investors in the first three months this year, according to a report released by RealtyTrac.

Although the sales total was a nearly 32-percent drop from a year ago, it still accounted for a big portion of the total sales, which was 32.5 percent of all Florida homes sold during the quarter. The volume sales drop can mean one or two things: that the number of homebuyers is falling, which is a discouraging thing, or that the foreclosure inventory in Florida is already being depleted, which is good for the overall housing market.

Compared with other states, Florida is fifth in percentage of foreclosure sales. The following are the states which posted the highest share of foreclosure sales:

Nevada 53.3 percent
California      45.2 percent
Arizona 45.2 percent
Idaho 32.9 percent
Florida 32.5 percent

The low prices of short sale and bank owned homes are oftentimes the major reasons why buyers are attracted to these types of homes and why foreclosure sales continue to impact the housing market. In Florida, short sale homes were sold at an average discount of 14.85 percent in the first quarter and REO homes were sold at a deep discount of 35.57 percent. When the two types are combined, the average discount was 27.28 percent.

Price discounts were even bigger in other states for foreclosure sales, such as in the following chart-toppers:

Ohio 41.14 percent
Illinois 40.90 percent
Kentucky 39.02 percent
Maryland 38.81 percent
Tennessee 38.14 percent
Wisconsin 38.03 percent
Delaware 36.18 percent
Pennsylvania       36.00 percent
Oklahoma 35.96 percent
Louisiana 35.86 percent

For investors looking for the lowest-priced foreclosure homes, which include bank owned homes and short sale homes, here are the states where bargain prices can be found:

Michigan $70,358
Ohio $75,397
Oklahoma $93,013
Iowa $97,339
Kentucky $100,126
Tennessee $100,967
Wisconsin $104,760
Indiana $105,914
Arkansas $112,519
Pennsylvania       $113,884
Louisiana $116,201
Florida  $116,583

Florida’s average foreclosure price in Florida was also lower by 30.74 percent than the national average foreclosure price, which was $168,321. Nationally, foreclosure homes were sold in the first quarter at an average discount of 26.66. REO homes were sold at a discount of 35.08 on the average and short sales homes were sold at an average discount of 9.49 percent. A total of 158,434 distressed and bank owned homes nationwide were sold in the first quarter.

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