Reblogged from: Mortgage News Daily – Jann Swanson
While sales of lender owned real estate (REO) and short sales continue to account for around one-fifth of all home sales in at least five states the share of distressed home sales is steadily returning to normal levels on a national basis. CoreLogic said today that REO sales accounted for 6 percent of all residential sales in June, the lowest share since September 2007 when it was 5.2 percent. Short sales made up 3.4 percent of the total.
The combined distressed sales share, 9.4 percent, is down 2.4 percentage points from June 2014 and 0.9 point from May, bringing the share into single digit territory. CoreLogic says these sales typically dip in June due to seasonal factors but this month’s share was the lowest for June since it hit 4.9 percent in 2007.
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