Distressed Sales Continue to Decline
Distressed sales accounted for 7.8 percent of total home sales nationally in June, according to new data from CoreLogic. This represents a 0.8 percent decline from May and a 2.2 percent drop from June 2015.
Within the distressed category, real estate-owned (REO) sales accounted for 4.9 percent, a 1.9 percent year-over-year slide and the lowest level since September 2007. Short sales accounted for 2.9 percent of total home sales in June, slight lower than May’s three percent level.
Eight states recorded year-over-year increases in their distressed sales shares in June, most notably Maryland (19.4 percent), Connecticut (18.4 percent), Michigan (17.6 percent), Illinois (15.8 percent) and New Jersey (15.3 percent). North Dakota had the smallest distressed sales share at 2.5 percent, while Florida’s 5.8 percentage point drop in its distressed sales share from a year earlier was the largest decline of any state.
On a metro basis, Maryland’s Baltimore-Columbia-Towson market had the largest share of distressed sales at 19.1 percent, followed by Illinois’ Chicago-Naperville-Arlington Heights market (17.7 percent), the Florida metros Tampa-St. Petersburg-Clearwater (16.6 percent) and Orlando-Kissimmee-Sanford (15.4 percent) and St Louis (13.2 percent). Denver-Aurora-Lakewood, Colo. had the smallest distressed sales share at 2.4 percent.
FMJ Job Listings
- Wealth Management Lending Officer - Bank Of America - Houston, TX
- Sr. Lending Officer - Woodland Hills Area, CA - Bank Of America - Woodland Hills, CA
- Mortgage Underwriting Manager - band 5 - Bank Of America - Brea, CA
- Financial Center Loan Officer- West Paces Ferry - Bank Of America - Atlanta, GA
- Condo CoOp Project Review Specialist - Bank Of America - New York, NY
- Retail Personal Banker Associate I - Fifth Third Bank - VENICE, FL