Distressed Sales Increased in Only 8 States

Posted To: MND NewsWire

Sales of distressed homes, both lender-owned properties (REO) and short-sales continue to decline but are still at levels nearly four times what is considered "normal." CoreLogic reported on Thursday that distressed sales accounted for 7.8 percent of all home sales in June with sales of REO making up 4.9 percent of the total and short sales 2.9 percent. The June numbers were down 0.8 percentage points from May and 2.2 points compared to a year earlier. The REO share was the lowest for any month since September 2007 and has declined from a 27.9 percent share at the peak of market distress in June 2009. At that time REO and short-sales together had a 32.4 percent market share. CoreLogic notes that there will always be some level of distress in the housing market, and by comparison, the pre-crisis...(read more)

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