Foreclosures Make Up Fewer Home Sales in Q2

Irvine, CA, Sept. 30, 2010--One in every four U.S. homes sold in the second quarter was a foreclosure, according to RealtyTrac.

Banks increased foreclosures through the summer and will take over a record 1.2 million homes this year, up from around 1 million last year, RealtyTrac said.

Foreclosuresw accounted for 24% of all second-quarter sales. The average price discount was more than 26% compared with homes not in the foreclosure process.

The share of foreclosure sales fell from the first quarter when nearly one in three sales was a foreclosed house.

RealtyTrac said that in a normal market foreclosures make up low single-digit percentages of sales.