Data: 1 In 4 Homes Deeply Discounted
STEVE INSKEEP, host:
NPR's business news starts with an increase in foreclosures.
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INSKEEP: Nearly one in four homes sold in the second quarter of this year were foreclosures. That's according to the research firm RealtyTrac. The company estimates that banks will take over a record 1.2 million homes this year - up from a million last year. Now, all of these sales in forecloses puts some downward pressure on prices, which is good if youre buying, very bad if youre selling. The foreclosed homes sold for 26 percent less than homes that were not foreclosed upon.
RealtyTrac estimates it'll take three more years to sell off the inventory of foreclosed homes at the current pace of sales.