Home Short Sales Increase as Banks ‘More Realistic’ on Market
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U.S. homes nearing foreclosure accounted for 12 percent of total sales in the second quarter as banks agreed to more transactions at prices below the outstanding mortgage balance, RealtyTrac Inc. said.
The proportion of sales of homes in default or scheduled for auction rose from 10 percent a year earlier and was little changed from the first quarter, the Irvine, California-based information company said today in a report. Most of those were short sales, or transactions for less than the mortgage debt, according to RealtyTrac.