The Smart Team of NOVA® Home Loans

Cash, Distressed Sales Closing in on "Normal"

Posted To: MND NewsWire

The end is near. CoreLogic said today that the market share of home sales accounted for by distressed properties may return to normal levels by the end of this year. This is about a half year earlier than the company had been predicting as recently as last month. Distressed homes sales accounted for 7.5 percent of home sales in November with sales of bank-owned property (REO) accounting for 4.9 percent and short sales 2.6 percent. The total distressed property share was down 4.3 percent compared to November 2015 and was the lowest for any month since September 2007. At the peak for distressed sales in January 2009, they accounted for 32.4 percent of the market with REO sales making up 27.9 percent. Prior to the housing crisis distressed sales usually accounted for about 2 percent of all home…(read more)

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Source: Mortgage News Daily

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