Distressed Home Prices Jump With Inventory Shrinking
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Demand for distressed properties is driving up prices for the first time in two years as investors from Blackstone Group LP to Colony Capital LLC chase shrinking inventory.
The average sales price on homes in the process of foreclosure or already owned by banks rose 7 percent in the second quarter from a year earlier, the biggest annual increase since 2006, RealtyTrac Inc. reported today. The number of those deals dropped 22 percent, the most since 2010, the Irvine, California-based data provider said in a statement.