What is the difference between Homes Foreclosed and Foreclosure Re-sales?
A. ‘Homes Foreclosed’ is when the home owner surrenders ownership, and this can happen in two ways. It can occur when the home is forfeited by the homeowner to the bank or, in the case of a Sherriff’s Sale, when a third party buys the home at an on-site or courthouse auction. The Foreclosure Re-sales metric captures mostly sales of bank-owned homes. These are the transactions in which the bank sells the home within one year of the home’s foreclosure date. Foreclosure Re-sales also capture the less common situation in which the third party who bought the home at a Sherriff’s Sale is the seller.
