Banks appear to have begun picking up the pace of foreclosures on residential real estate in August, reducing the time before the housing industry works through the overhang of troubled properties, according to RealtyTrac.
RealtyTrac seeing movement toward resolving overhang of troubled properties.
Distressed and foreclosed properties are still weighing on the market, but executive says market is working through the stockpile.
Tenth-straight monthly drop due to process hangups, loan modifications, RealtyTrac says.
Drop in foreclosures due to backlog not market improvement, RealtyTrac says.
RealtyTrac, the leading online marketplace for foreclosure properties, released its most recent foreclosure sales report that shows that properties in some stage of the foreclosure process made up almost a third of property sales in the first quarter of this year.
RealtyTrac says average sale price of foreclosed properties nationally is 27% below price of non-foreclosed properties.
Problems with processing foreclosures slowed the activity to its most sluggish pace in April, further delaying the point when the market will have addressed the large stockpile of real estate for sale.
Document-driven backlog forces causes drop in foreclosure rate, firm says.
RealtyTrac, a leading source of data about U.S. real estate foreclosures, has reported the numbers of properties in some stage of foreclosure dropped significantly in February, but not because the foreclosure problem is lessening.