Report: Sales of homes facing foreclosure outpacing sales of bank-owned homes
LOS ANGELES (AP) -- New data show that sales of U.S. homes facing foreclosure are on the rise and outpacing sales of bank-owned homes.
Foreclosure tracker RealtyTrac Inc. says sales of homes already in the foreclosure process jumped 22 percent in the third quarter compared to the previous three-month period and the third quarter last year.
Short sales, when a lender agrees to accept less than what the homeowner owes on their mortgage, accounted for 65 percent of those so-called preforeclosure sales in the quarter.
Sales of bank-owned homes rose 19 percent versus the second quarter, but fell 20 percent from a year earlier.
Foreclosure sales accounted for 19 percent of all residential sales in the quarter and represented, on average, a 32 percent discount relative to other types of homes.