Sales of bank-owned homes on the rise
Friday, December 20, 2013 3:53 PM
The steep jump in home prices this year is benefiting the big banks, pushing them to sell their repossessed properties at a faster pace, CNBC reported. Sales of bank-owned homes accounted for 10 percent of all residential property sales in November, according to real estate information company RealtyTrac. That is up from 9.1 percent in October and accounted for the third consecutive month of increases in bank-owned home sales. Purchases by institutional investors made up 7.7 percent of all home sales in November, up from 6.3 percent a year ago.