Real-estate-owned housing sales hit their lowest level since 2007 in June, while distressed sales as a whole also saw a drop, according to new data from CoreLogic.
Distressed sales accounted for 9.4% of total U.S. home sales in June, down 0.9 percentage points from the prior month and 2.4 percentage points from June of 2014. The total distressed sale rate was the lowest for June since 2007, when it was 4.9%.
Meanwhile, REO sales made up 6% of total home sales, the lowest rate since September of 2007, when it was 5.2%. That move away from REO sales is helping to improve home prices, according to CoreLogic; bank-owned homes generally sell at a steeper discount than short sales.
Florida saw the largest share of distressed sales in the nation at 21%, followed by Michigan (20.7%), Maryland (20.5%), Connecticut (19.3%) and Illinois (19.1%).
California showed the largest improvement from its peak distressed sales share of 67.4% in January of 2009, falling 58.3 percentage points to finish June with a share of 9.1%. Nevada saw the biggest year-over-year drop with a 6.8 percentage point decline in distressed sales from June of 2014.
The normal pre-crisis distressed-sale rate in the U.S. was about 2%, according to CoreLogic. If the current annual decrease trend continues, distressed sales would reach that mark in mid-2018.
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- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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