Foreclosure Properties Drop to 20% of U.S. Home Purchases
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Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.
Transactions involving bank-owned property and short sales, where lenders accept less than the amount owed, were down from 22 percent of total home purchases in the second quarter and 30 percent a year earlier, the Irvine, California-based data seller said today in a statement.