DataMarkets & Economy

Distressed sales falling nationwide but still high in Florida, Illinois

CoreLogic: more than 40 states recorded declines in distressed sales in May
  • Overall distressed sales in May 2016 were down 2.1 percent year-over-year to 8.4 percent.
  • Maryland had the highest share of distressed sales in May, with 19.4 percent of all sales.
  • The largest year-over-year decline in distressed sales came from Florida where it dropped 5.5 percent to 15.8 percent.

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At its peak in January 2009, distressed home sales -- real estate owned (REO) and short sales -- accounted for 32.4 percent of all sales in the U.S. That number dropped to 8.4 percent in May, with some states reporting even lower figures, according to CoreLogic. Distressed sales decreased 2.1 percent year-over-year and one percentage point from the previous month, with only eight states recording higher figures from the year prior. According to Corelogic's analysis, the pre-crisis distressed sales share teetered around 2 percent. The report shows if these same levels of decline continue, the housing market's distressed sales will reach pre-crisis numbers in 2019. Image courtesy Corelogic Distressed sales by market Maryland experienced the largest portion of distressed sales in May, CoreLogic says, at 19.4 percent. To that end, Baltimore's distressed sales were nearly the same, with a 19.4 percent share of total sales. Distressed sales made up 7.6 percent of all sales in Wa...