|Published:||Dec 06, 2012 7:03 AM EST|
|Updated:||Dec 06, 2012 7:03 AM EST|
LOS ANGELES (AP) - New data show that sales of U.S. homes facing foreclosure are on the rise and outpacing sales of bank-owned homes. Foreclosure tracker RealtyTrac Inc. says sales of homes already in the foreclosure process jumped 22 percent in the third quarter compared to the previous three-month period and the third quarter last year. Short sales, when a lender agrees to accept less than what the homeowner owes on their mortgage, accounted for 65 percent of those so-called preforeclosure sales in the quarter. Sales of bank-owned homes rose 19 percent versus the second quarter, but fell 20 percent from a year earlier. Foreclosure sales accounted for 19 percent of all residential sales in the quarter and represented, on average, a 32 percent discount relative to other types of homes.