Report: Foreclosure sales fell sharply in 2Q
LOS ANGELES (AP) -- Sales of bank-owned homes and those already on the foreclosure path fell sharply in the second quarter, yet their share of all U.S. home purchases increased.
Foreclosure listing firm RealtyTrac said Thursday that foreclosure sales fell 12 percent from the first quarter and declined 22 percent from the second quarter last year.
Foreclosure sales include bank-owned homes and properties in some stage of foreclosure, such as short sales -- when the home sells for less than what the seller owes on the mortgage.
The firm says foreclosure sales accounted for 23 percent of all home sales in the second quarter.
That's up from 22 percent in the first quarter and 19 percent a year earlier.
Foreclosure sales also posted the biggest annual increase in average sales price since 2006.