Four More Years Before Distressed Sales Get Back to Normal

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Posted To: MND NewsWire

Distressed property sales continue to shrink as a percentage of all sales, but CoreLogic says it may be another four years before those shares reach what it considers a normal level. Sales of real estate-owned properties (REOs) and short sales accounted for 9.4 percent of homes sold in July, the company said. This was 2.1 percentage points less than the share in July 2015 and down 0.4 percent month-over month. Short sales, where lenders agree to take less than the outstanding balance of the mortgages to release the lien had a 3.3 percent share of July sales. The REO share in July, 6.1 percent, was the lowest since September 2007 when it was 5.2 percent. At the peak of housing distress in January 2009 distressed sales in the aggregate accounted for 32.4 percent of housing sales with REO sales...(read more)

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Source: http://www.mortgagenewsdaily.com/10092015_corelogic_distressed_sales.asp

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