In December 2015 the number of distressed sale--including real-estate owned (REO) and short sales--fell to 10.3%, a 2.8% decline from 2014, and a 1.5% improvement from November 2015. CoreLogic staffer Molly Boesel takes a look at these trends, explaining the importance of distressed sales as they clear the market of foreclosures and can bring down the value of non-distressed sales.
At their peak height in 2009, distressed sales accounted for 32.4% of all home sales. Normal, still a ways to go, is just north of of 2%, which at the current pace of improvement, won't occur until 2018. Boesel's analysis looks at some of the markets still digging out from deep in:
Of the 25 largest Core Based Statistical Areas (CBSAs) based on mortgage loan count, Orlando-Kissimmee-Sanford, Fla. had the largest share of distressed sales at 20.4 percent, followed by Baltimore-Columbia-Towson, Md. (20.3 percent), Tampa-St. Petersburg-Clearwater, Fla. (20.2 percent), Chicago-Naperville-Arlington Heights, Ill. (20.1 percent) and Las Vegas-Henderson-Paradise, Nev. (14.5 percent).