INDIAN RIVER COUNTY — Nearly one in three homes sold in Indian River County was in some form of foreclosure in the first quarter of this year, according to figures released by industry watchdog RealtyTrac.Distressed sales comprised 29 percent of Indian River County’s total sales, an increase from 26 percent a year ago. The average price of distressed homes sold in the County fell to $107,685 from $124,759 in 2009. Distressed sales include short sales and properties which have been taken back or are in the process of being taken back by the bank which holds the mortgage.”First time home buyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts,” said James J. Saccacio, chief executive officer of RealtyTrac. “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.”Nationally distressed sales are trending down with 232,959 properties in some stage of foreclosure sold in the first quarter, a decrease of 14 percent from the previous quarter. In Florida distressed sales comprised over 38 percent of all home sales in the first quarter of 2010.
