Foreclosures accelerated, drove down home prices in Q2

09/30/2010 | USA Today

Nearly a quarter of all residential home sales were sold at foreclosure in the second quarter, according to RealtyTrac. The average price for houses being sold while in foreclosure was less than 75% of the average price for homes not undergoing foreclosure. "It's obvious foreclosures remain a major drag across the U.S.," said Robert Dye, senior economist at PNC Financial Services Group. "Pioneering buyers with low mortgage rates will continue to take advantage of these properties. It's going to take quite a while to work through this inventory. It will take a few years, not months."

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