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.
The New York metropolitan area had the biggest jump in foreclosure filings among top U.S. markets in the third quarter as lenders began to work through a backlog in a region where seizing properties takes the longest.
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.
Tom Axon’s mortgage-collection firm gets about 25 calls a day from delinquent homeowners’ brokers seeking approval to sell their houses for a loss and avoid foreclosure. We’ll help, his staff tells them, as long as we get paid enough.
Illinois soared to the highest foreclosure rate in the U.S. last month as job losses mounted, luring investors like Waypoint Real Estate Group LLC that scoured the state for homes priced at half of peak values.