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RealtyTrac: Share of foreclosure sales drops in Q2

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Homes in the process of foreclosure accounted for 24 percent of all residential real estate sales in the second quarter, according to a new quarterly report by foreclosure data site RealtyTrac. When a sales deed to a third-party buyer is recorded for a property while it is in some stage of foreclosure, the company counts the property as a foreclosure sale for the purposes of the quarterly U.S. Foreclosure Sales Report.The report, which made its debut in the first quarter, matches sales deed data nationwide against RealtyTrac’s foreclosure database of properties that are in default, scheduled for auction, or bank-owned (REO). In the first quarter report, foreclosure sales made up 31 percent of all residential sales.There were a total 248,534, foreclosure sales in the second quarter, down 20.2 percent compared to the same quarter in 2009 but up 4.9 percent compared to first-quarter 2010. RealtyTrac's CEO James J. Saccacio attributed the quarter-to-quarter rise to the expiration o...