Foreclosure sales fell, discounts rose in 3rd quarter

By: Associated Press
By: Associated Press

Thursday, December 2, 2010

LOS ANGELES (AP) -- The worst summer for home sales in decades also put a chill on foreclosure sales, even though average discounts on the distressed properties got bigger compared with other types of homes.

RealtyTrac says foreclosure sales plunged 25 percent in the July-September quarter versus the April-June period. They tumbled 31 percent from the third quarter of last year.

The foreclosure listing firm says sales of non-foreclosed properties fell 29 percent from the previous quarter and nearly 31 percent from the third quarter of last year.

The decline in sales of bank-owned properties and other homes in some stage of foreclosure is in line with an overall housing market slowdown. That slowdown began after federal homebuyer tax credits expired in April.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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