Foreclosure-Related Sales Rise 21% in Q3

IRVINE, CA-Nationwide, the number of properties sold during third-quarter 2012 that were in some stage of foreclosure or bank-owned REO increased 21% over the previous quarter, although that number is still down 3% from third-quarter 2011, according to a recent report from RealtyTrac, an online marketplace for foreclosure properties. The report also shows that foreclosure-related sales accounted for 19% of all US residential sales during Q3, down from 20% in the previous quarter but the same level as in third-quarter 2011.

Also, unlike in recent years, sales of properties in some stage of foreclosure outnumbered sales of foreclosed, bank-owned properties in the third quarter. And short sales of properties not in the foreclosure process increased 15% in Q3 from the previous quarter, a rise of 17% from the year before.