Skip to main content

Distressed Sales Continue to Decline

Phil Hall
Jun 16, 2016
More than 5.2 million residential properties were seriously underwater during the first quarter of this year

There is nothing distressing about the latest data regarding distressed home sales. According to statistics released by CoreLogic, distressed sales accounted for 9.9 percent of total U.S. home sales in March, down 2.7 percent year-over-year drop and a 1.7 percent dip from February.

In breaking down the category, real estate-owned (REO) sales accounted for 6.8 percent of the total home sales, the lowest level for the month of March in nine years, while short sales accounted for 3.2 percent of March’s total home sales. All but eight states recorded lower year-over-year distressed sales shares, with Maryland (19.8 percent), Connecticut (18.9 percent), Michigan (18.1 percent), Florida (17 percent) and Illinois (16.7 percent) registering the highest percentages.

At the other end of the spectrum, North Dakota had the smallest distressed sales share among the states, with 2.4 percent. Baltimore registered the highest level of metro market distressed sales at 19.8 percent.

Published
Jun 16, 2016
FormFree Enters Deal To Offer Products to Lenders One Members

Mortgage Cooperative Hopes Automated Borrower Verification Tools Will Enhance Customer Experience

Industry News
Aug 03, 2021
AHP Servicing Names Charles Halko Jr. CFO

Brings 30-Years Of Experience to Chicago-Based Servicer

Industry News
Aug 03, 2021
Ready Capital Announces Deal To Acquire Red Stone

Real Estate Finance Company Expands In Multi-Family Affordable Housing Sector

Industry News
Aug 03, 2021
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021