Sales of U.S. homes facing foreclosure are on the rise and outpacing sales of bank-owned homes, a reflection of stepped up efforts this year by lenders to avoid foreclosing on homes with mortgages gone unpaid.
In the third quarter, sales of homes already in the foreclosure process jumped 22 percent compared to the previous quarter and a year earlier, foreclosure tracker RealtyTrac Inc. said Thursday.
In Oregon, preforeclosure sales jumped nearly 17 percent from a year ago while sales of bank-owned foreclosures fell 3.2 percent. However, bank-owned homes still make up a slightly larger share of all home sales in the state.
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