Home Short Sales Jump in U.S. as Banks ‘More Realistic’ on Property Market

RealtyTrac reports that U.S. homes nearing foreclosure comprised 12 percent of second-quarter sales as banks agreed to more sales at prices under the outstanding mortgage balance. Trends such as more short sales, a shorter average time to sell such homes, and bigger discounts relative to normal deals means that the market is clearing distressed properties more efficiently. Total pre-foreclosure sales increased 19 percent from the first three months of the year, while slipping 12 percent from a year ago when a federal home buyer tax credit was still in effect. | Read More