finance.yahoo.com - You don’t usually find clearance sales on real estate. But the last two years are beginning to look like the deal of a lifetime for anybody who bought a home.
That dynamic may now be changing as home prices surge by double-digits, interest rates rise and the whole housing bust recedes into the past. The latest sign that the buyer’s market is ending is a convincing improvement in foreclosures. Sales of foreclosed homes now account for about 12% of home sales, according to research firm FNC. That’s down from 17% a year ago and 37% in 2009, the low point of the housing bust. At the current pace, foreclosures will fall back to typical pre-recession levels within a year or so, signaling something like a return to a normal housing market.
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