AgentIndustry News

CoreLogic: Distressed home sales on pace to fall to precrisis levels by 2018

CoreLogic reports shift away from REO sales and low, stable short-sale rates

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Takeaways: Short sales and sales of real estate owned (REO) properties this June fell to their lowest June rates since 2007, CoreLogic reported this week. The property data provider reported an ongoing shift away from REO sales in particular. CoreLogic said that at their peak in January 2009, distressed sales totaled 32.3 percent of all sales, with REO sales representing 27.9 percent of that share. Distressed home sales typically decrease around this time of year due to seasonal factors, but short sales and sales of real estate owned (REO) properties this June fell to their lowest June rates since 2007, CoreLogic reported this week. Distressed sales accounted for 9.4 percent of total home sales nationally in June, a decrease of 2.4 percentage points from the same month last year and 0.9 percentage point from the previous month. That’s the lowest monthly share reported in the month of June since 2007, when the share was 4.9 percent, CoreLogic said. The property da...