Distressed sales continue to drop

by Ryan Smith09 May 2016
Distressed sales are continuing to drop, according to the latest data from CoreLogic.

According to the analytics firm, distressed sales accounted for 11.1% of total sales in February. That’s a drop of 0.4% from January and 2.9% from February of 2015. Real estate-owned (REO) sales made up 7.8% of total home sales, and short sales made up 3.3%.

REO sales fell by 2.9% from February of 2015, hitting their lowest level since 2007, according to CoreLogic.

Distressed sales peaked in 2009, when they accounted for 32.4% of all sales. CoreLogic projects that, if the current trend continues, distressed sales will hit their precrisis level of 2% sometime in mid-2018.

California led the country with the largest drop in distressed sales from the 2009 peak. In 2009, the state posted a distressed-sale rate of 67.4%. That rate is now down to 7.6%.



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