Short Sales Outnumber Foreclosure Sales For Third Straight Quarter
By Jon Klein, Search Parkland Homes for Sale - Parkland FL
(Real Living 1st Choice Realty)
Foreclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale. In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis. For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters. The average price of a short sale home fell by 5 percent as compared to a year ago which may reflect an eagerness on the part of mortgage lenders to dispose of distressed properties before they fall into foreclosure. Foreclosures can increase a lender's losses, and fore...
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