Sales of bank-owned homes and those in some stage of foreclosure in the Twin Cities metro area accounted for almost 16 percent of all home sales during the first quarter of 2011, down 36 percent from the fourth quarter 2010, according to a report released this morning by RealtyTrac.

Those are good numbers, much lower than you'd expect, but they're also puzzling when you compare this report to the national data and to other local measures. RealtyTrac said that nationwide distressed sales represented 28 percent of all residential sales in the first quarter, up from 27 percent during the fourth quarter 2010 and the highest percentage of sales since the first quarter of 2010, when 29 percent of all sales were foreclosure sales. Those numbers are much more consistent with the what the Minneapolis Area Association of Realtors (MAAR) reported. The group said that foreclosures and short sales represented 46 percent of all pending home sales during April, the lowest level since November 2010 and down from 56 percent in January. Distressed homes represented 31 percent of all new listings, the lowest since April 2010.

Both Brad Fisher, MAAR's president, and agent and numbers guru, Aaron Dickinson, point out that the RealtyTrac data represents just a sampling of transactions and that the local numbers are based on actual coded transactions. "Our numbers accurately reflect our market," Fisher said.

Nationwide the average sales price of properties in some stage of foreclosure, whether in default, scheduled for auction or bank-owned, was $168,321, down slightly from the previous quarter. Locally, the average sales price of foreclosure properties was $152,000, about 19 percent below the average sales price of properties not in foreclosure. Nationally there was a disparity in prices of almost 27 percent.

Though the disparity between the local and national reports defies explanation, there's an important takeaway: Sales volume of distressed listings is down from its peak during the first quarter of 2009, an important benchmark as we look for stability in the foreclosure market.