Roughly one in four houses sold nationally in the third quarter were distressed properties. But according to research firm Housing Intelligence, more than half the properties that changed hands in eight metro areas were foreclosures.
Modesto, Calif., had the highest ratio of REO sales, but was followed closely by Las Vegas and Flint, Mich.
In Modesto, 61% of all sales in the third quarter were foreclosures. In Vegas and Flint, 60% were REOs. This compares to the national average of 28%, the Contra Costa, Calif., research company reported.
The other five metropolitan statistical areas where more than half the sales in the third quarter were foreclosures were: Detroit, 57%; Phoenix, 54%; Stockton, Calif., 53%; Bakersfield, Calif., 52%, and Lakeland, Fla., 52%.
