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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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