Short sales outpacing sales of bank-owned homes

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Associated Press

Posted on December 6, 2012 at 12:30 AM

Updated Thursday, Dec 6 at 12:30 AM

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. said Thursday that 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.

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