31 percent of Q1 Ill. home sales were foreclosures


CHICAGO (AP) -- Almost 31 percent of homes sold in Illinois in the first quarter of the year were in foreclosure or owned by a bank.

The statistics were released Thursday by Irvine, Calif.-based RealtyTrac. The company says the total number of foreclosures sold from January through March totaled 8,592, and the average sale price was $127,530.

The number of foreclosure sales was 22 percent higher than during the same period last year, and almost 12 percent higher than the last three months of 2011.

Nationally, foreclosure homes accounted for 26 percent of all residential sales in that same period.

The highest percentage of foreclosure sales were in Nevada, California and Georgia.

RealtyTrac says lenders also are approving more aggressively priced short sales.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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