The foreclosure listing service RealtyTrac says sales of U.S. homes facing foreclosure are on the rise and outpacing sales of bank-owned homes.
Sales of homes in the process rose by 22 percent in the third quarter compared with the second quarter and the third quarter of last year. Short sales, when a lender agrees to accept less than what the homeowner owes on their mortgage, accounted for 65 percent of pre-foreclosure sales in the quarter. In Ohio, short sales rose by 26 percent. RealtyTrac spokesperson Daren Blomquist.