/ Modified feb 28, 2013 9:45 a.m.

Foreclosures One-Third of AZ Sales in 2012

$142K average price, up 13% from previous year

Sales of foreclosed residential properties made up 33.7 percent of all transactions in Arizona last year, a foreclosure tracking company reported Thursday.

RealtyTrac, an Irvine, Calif.-based marketing company, reported that 64,855 residential properties in some stage of foreclosure were sold in Arizona last year. The number of such sales was 25.8 percent lower than in 2011, RealtyTrac reported.

It also said that the average sales price of a property in foreclosure was $142,266, up 13.3 percent from the previous year. That average sales price was 23.2 percent lower than the average sales price for a residential property not in foreclosure, RealtyTrac said.

Arizona's percentage of foreclosed property sales was fourth highest in the country, behind California, Georgia and Nevada.

Nationally, 21.4 percent of all residential sales were for properties in some stage of foreclosure, RealtyTrac said. That was down 5.7 percent from 2011.

“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” RealtyTrac Vice President Daren Blomquist said in a press release.

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