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Report: Foreclosed Homes Account For A Third Of All Sales

File Photo Of Foreclosure Sign (AP Photo)

File Photo Of Foreclosure Sign (AP Photo)

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PALATINE, Ill. (CBS) — The latest figures from RealtyTrac show that in Illinois and nationwide, foreclosed homes now account for about a third of all home sales.

As WBBM Newsradio’s Regine Schlesinger reports, a local realtor says he sees opportunities, especially for first-time homebuyers.

LISTEN: WBBM Newsradio’s Regine Schlesinger reports

Ryan Gable’s company, Starting Point Realty in Palatine, deals exclusively with first-time homebuyers. Gable says the sheer number of discounted homes through foreclosures and short-sales is offering buyers great opportunities.

“That market right now is ballooned, much more than it has been in the past,” Gable said.

The RealtyTrac report says the average discount on a bank-owned property in Illinois is about 50 percent, and on a home in default, nearly 25 percent.