REO Sales Hit 9-Year Low; All-Cash Follows

Posted To: MND NewsWire

This month CoreLogic has combined their cash sales and distressed sales data into a single report rather than the two they have issued each month since early in the housing crisis. The data released on Wednesday covers July. Distressed sales accounted for 7.2 percent of all sales nationally during the month. Sales of lender owned real estate (REO) accounted for 4.3 percent of total sales and short sales 2.9 percent. It was the lowest share garnered by REO since July 2007 and the overall distressed share was the lowest since that September. At its peak in January 2009, distressed sales totaled 32.4 percent of all sales with REO sales representing 27.9 percent of that share. The pre-crisis share of distressed sales was traditionally about 2 percent. If the current year-over-year decrease in the...(read more)

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