Distressed Property Sales Grew in 3rd Quarter

Last Thursday, RealtyTrac reported that overall distressed property sales grew by 21% in the 3rd quarter over the 2nd quarter. Nevertheless, the overall 3rd quarter distressed property sales results were 3% less than the 3rd quarter in 2011. RealtyTrac data showed that sales of properties in default, also known as pre-foreclosure, increased by 15% in the 3rd quarter over the 2nd quarter. Real estate owned (REO) properties, also experienced an increase in the 3rd quarter over the 2nd quarter by 19%, but were down by 20% 3rd quarter 2011. HousingWire explains, “This steep year-over-year drop in REOs suggests the market is finding ways to sell distressed properties before a homeowner has to go through a full foreclosure.” With that said, RealtyTrac’s data confirms that short sales were in large demand in the marketplace with a 15% increase in the 3rd quarter over the 2nd quarter and 17% greater than the 3rd quarter of 2011. http://bit.ly/ZbhWJ6

Share this article: