U.S. foreclosure sales drop in third quarter of 2011

The third quarter of 2011 saw more than 200,000 foreclosed homes purchased nationwide, which accounted for 20 percent of all sales in that period, according to a CNNMoney story based on RealtyTrac data.

During the same period in 2010, foreclosures comprised 30 percent of all home sales, so the 2011 number indicates improvement. As RealtyTrac points out, however, that number is still far below the high water mark of 5 percent seen in better times.

The lower sale numbers are largely attributed to slowdowns in the foreclosure hearing process. Eager to ensure all procedures and paperwork are followed, banks have slowed down the process following the robo-signing scandal. CNN reports the average foreclosure sale in the third quarter of 2011 took 193 days, compared to 161 days a year earlier.

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