Smallest Share of Distressed Sales since 2007

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Posted To: MND NewsWire

Sales of lender-owned real estate (REO) in May represented the smallest share of home sales in nine years. CoreLogic said that the overall share of distressed properties sold during the month, including short sales as well as REO, fell to 9.9 percent. This was 1.7 percentage points lower than the April share and 2.8 percentage points lower than a year earlier. CoreLogic said distressed sales typically decline as a share of sales in May but this May had the lowest since 2007 when it was 5 percent and was the lowest for any month since October 2007's 6 percent. Short sales have remained fairly stable at less than a 4 percent share - in was 3.5 percent in May - since mid-2014 but REO has fallen steadily - in May it accounted for a 6.4 percent share. At the peak of market distress in January 2009...(read more)

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Source: http://www.mortgagenewsdaily.com/08062015_corelogic_distressed_sales.asp

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