Foreclosures made up 20% of home sales in 3q

Sales of homes in foreclosure comprised 20% of all U.S. residential sales during the third quarter, according to RealtyTrac.

That share is a significant decline from the same period in 2010, when foreclosed homes made up 30% of residential sales, but it's still a far cry from levels seen during healthier housing markets when foreclosures comprised less than 5% of sales.

In total, 221,536 distressed properties were purchased during the quarter, down 11% from the previous quarter and 5% lower than the same quarter a year earlier, RealtyTrac said.

One reason for the year-over-year decline is that fewer homes are making it through the foreclosure pipeline, said Daren Blomquist, a spokesman for RealtyTrac. 

Source: Money.CNN.com