DataIndustry News

Distressed home sales falling nationwide, but not in all metros

Distressed home sale rate only 6 percent above pre-crisis levels, CoreLogic says
  • Distressed home sales accounted for 8.8 percent of U.S. homes sold in the month of April.
  • North Dakota saw the least amount of distressed home sales, with only 2.4 percent of sales either REO or short sales.
  • Maryland experienced the highest amount of distressed sales, with 19.5 percent of all homes sold.

Distressed homes accounted for 8.8 percent of the total national home sales in April 2016, according to CoreLogic. Although this number is still not at the comfortable level America was enjoying pre-housing crisis, it's a sign that things are leveling out in some parts of the country. According to CoreLogic's records, distressed home sales have traditionally teetered around 2 percent of total sales -- something the real estate data firm calls "normal" levels. A distressed home sale is either a short sale, foreclosed, or a real estate-owned (REO) purchase. Shortly after the housing crisis in January 2009, distressed homes made up 32.4 percent of total sales, or one out of every three homes sold in that month. It took seven years to cut that number by 75 percent -- but then again, it only took about two years for that number to multiply by 16. REO purchases accounted for 5.7 percent of the distressed sales percentage in April 2016. At the beginning of 2009, REO purchase...