Foreclosure filings rose in almost 60 percent of large U.S. cities in the first half of 2012, indicating many areas will have more distressed homes on the market later this year, RealtyTrac Inc. reported.
Foreclosure filings in the U.S. fell 4 percent in May from a year earlier as lenders disposed of more properties through short sales, where the price is less than the amount owed, according to RealtyTrac Inc.
Foreclosure filings rose for the first time in more than a year in Florida, Indiana, Pennsylvania and Illinois as lenders resumed property seizures after a probe of documentation, according to RealtyTrac Inc.
Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.
Foreclosure filings in the U.S. fell 8 percent in February, the smallest year-over-year decrease since October 2010, as lenders began working through a backlog of seized properties, RealtyTrac Inc. said.
Short sales of U.S. homes rose to a three-year high in the first quarter as banks agreed to let more borrowers unload property at a loss, putting the transactions on pace to surpass deals for foreclosures, RealtyTrac Inc. said.