REO Sales Share Below One-Third of Peak

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Posted To: MND NewsWire

The percentage of total home sales coming from distressed inventories continues to drop. CoreLogic said on Monday that short sales and sales of owned real estate (REO) fell 3.2 percentage points from March 2014 to March 2015 and were down 1.9 percent from February to March. REO properties accounted for 8.4 percent of home sales in March and short sales made up 3.7 percent for a total distressed property share of 12.1 percent. CoreLogic said that March is typically a month in which distressed sales fall due to seasonal factors, but this March had the lowest share of any March since 2007. At the peak in January 2009 distressed sales totaled 32.4 percent of all sales and REO sales for 27.9 percent. The continuing decrease in REO sales has accounted in part for rising home prices since bank-owned...(read more)

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Source: http://www.mortgagenewsdaily.com/06082015_corelogic_distressed_sales.asp

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