Distressed sales, which include REOs and short sales, declined to 11.9% of total home sales nationally in November 2015, which is a 1.9 basis-point decrease year-over-year, and 1.4 basis points up from the previous month. Corelogic staffer Molly Boesel chews over the numbers and translates them into market insights. Boesel writes,
Within the distressed category, REO sales accounted for 8.7% and short sales accounted for 3.2%of total home sales in November 2015. All but nine states recorded lower distressed sales shares in November 2015 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 20.2% in November 2015, followed by Connecticut (19.1%), Florida (19%), Michigan (18.9%) and Illinois (17.8%). North Dakota had the smallest distressed sales share at 2.7%.
Of the 25 largest CBSAs based on mortgage loan count, Orlando-Kissimmee-Sanford, Fla. had the largest share of distressed sales at 21.2%, followed by Tampa-St. Petersburg-Clearwater, Fla. (20.7%), Baltimore-Columbia-Towson, Md. (20.4%), Chicago-Naperville-Arlington Heights, Ill. (20.4% and Miami-Miami Beach-Kendall, Fla. (20.3%). Denver-Aurora-Lakewood, Colo. had the smallest distressed sales share among the largest CBSAs at 3.1%. Las Vegas-Henderson-Paradise, Nev. had the largest year-over-year drop in its distressed sales share, falling by 5.5 percentage points from 20.3% in November 2014 to 14.8% in November 2015. Riverside-San Bernardino-Ontario, Calif. had the largest overall improvement in its distressed sales share from its peak value, dropping from 76.3% in February 2009 to 10.9% in November 2015.