Foreclosures and Short Sales Nearly a Third of June Home Sales
In what is shaping up to be the slowest year for home sales in more than a decade, foreclosures and short sales accounted for 30% of all homes sold last month. According to a report released today by the National Association of Realtors, sales of existing homes fell in June for the third consecutive month. At the current rate of home sales, 4.77 million homes will be sold this year, the lowest number since 1997, and a sharp drop from last year’s total of 4.91 million homes.