Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Foreclosure-Related Sales At 24 Percent

IRVINE, Calif. (UPI) — Nearly a quarter of all U.S. home sales in the fourth quarter involved distressed properties in some stage of foreclosure, private firm RealtyTrac said.

RealtyTrac, an online marketplace for properties in foreclosure, said 24 percent of home sales in October through December involved homes either owned by lenders or in some stage of financial distress.

The percentage of home sales involving pre-foreclosure or a bank-owned home in the quarter was an increase over the 20 percent from the previous quarter, but slightly down from the 26 percent from the fourth quarter of 2010.

For the year, 907,138 homes in distress were sold, down 2 percent from 2010, the firm said. On average, 23 percent of homes sold in the year involved homes that were foreclosure-related.

The average sale involving distressed properties went for $164,944 in the fourth quarter, down 5 percent from the same quarter a year earlier, but little changed from the third quarter.

Referring to the scandal involving mishandled documents that erupted in late 2010, sales of distressed homes in the fourth quarter “continued to be slowed by questions surrounding proper foreclosure paperwork and procedures,” said Brandon Moore, chief executive officer of RealtyTrac.

But the slower foreclosure processing caused by the scandal is expected to push lenders into a more aggressive position, he said.

“We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months,” Moore said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Facebook Conversations

Join the Discussion:
View Comments to “Foreclosure-Related Sales At 24 Percent”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.