Bank owned homes in California were sold at an average price discount of 44 percent in the first quarter, based on a RealtyTrac report.
The average price for all bank owned homes and short sale homes sold was $246,272, lower by 38 percent than the average sales price for non-foreclosed and nondistressed homes.
Nearly 60,000 bank owned homes and short sale homes in California were sold in the first quarter, representing 51 percent of all homes sold statewide and accounting for 26 percent of the almost 233,000 foreclosure homes sold nationwide during the quarter.
California posted the highest number of foreclosure sales and the second-biggest percentage of sales. Of the top five states in percentage of foreclosure sales, California also posted the biggest average price discount.
These figures mean that prospective buyers of distressed homes in California can still find homes offered at substantial discounts in the state.