Foreclosures made up about one-third of all home sales during the spring quarter (April to June), and sales were about six times the percentage of foreclosures in a healthy housing market, RealtyTrac Inc. reports.
Foreclosure sales likely would have been much higher too if so many banks hadn’t slowed their foreclosure processes while state and federal officials continued to investigate possible faulty practices. Foreclosure sales — which include homes purchased after they receive a notice of default or that were repossessed by lenders — peaked two years ago at 37.4 percent of sales, compared to 31 percent in the April to June quarter.
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