RealtyTrac: 1 in 4 sales is a foreclosure

RealtyTrac: 1 in 4 sales is a foreclosure

Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process, data aggregator RealtyTrac said in its latest report.

A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008, RealtyTrac said.

Homes in foreclosure accounted for a larger percentage of sales in 2009 -- 29 percent -- but their share of total sales was up from 23 percent in 2008.

By Inman News, Wednesday, February 23, 2011. Go here for the entire Inman story >>