lowrate.com

More than a quarter of the homes sold during the first three months of year were foreclosure sales, according to RealtyTrac’s U.S. Foreclosure Sales Report.

There were nearly 233,000 foreclosed homes sold during the first quarter of 2010, which accounts for 31 percent of all residential sales, RealtyTrac said. It turns out that homebuyers taking out mortgages on these properties got a pretty good deal too, with the average price close to 27 percent less than other non-foreclosed homes in the same area.

The number of foreclosed homes sold during the first quarter was 14 percent less when compared to the last three months of 2009, according to the report. It was also 33 percent less when compared to the same time period one year ago.

RealtyTrac CEO James Saccacio said that "first-time homebuyers and investors continue to buy foreclosure properties in large numbers, and at substantial discounts."

Consumers that purchased a foreclosed home during the first quarter and were eligible for the homebuyer tax credit may be in luck. On Tuesday, the U.S. House of Representatives approved an extension of the closing date. The Senate must now weigh in.