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Distressed Sales Closing in on "Normal" Levels

Tuesday, April 28, 2015

While CoreLogic says February is typically a month in which distressed sales post a seasonal decline, real-estate owned (REO) and short sales this past February were the lowest for that month since 2008.  Combined they accounted for 13.5 percent of total sales, down 0.8 of a point from January and a 3 percentage point drop from February 2014.

REO sales accounted for 9.7 percent of all sales during the month and short sales for 3.8 percent.  Distressed sales are now at one-third the level there were in January 2009 when those sales peaked at 32.4 percent of all sales.   At that point REO accounted for 27.9 percent of sales. 

 

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