Fewer distressed homes, not cold weather, hampered sales in 1Q

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Contrary to popular belief, it wasn’t cold weather that put a damper on home sales in the first quarter, but rather fewer distressed sales — in the Chicago area, at least.

Home sales in the area fell 8.2 percent year over year in the first quarter, but excluding distressed homes, sales actually rose 2.7 percent, Crain’s Chicago Business reported, citing figures from the area’s major multiple listing service, Midwest Real Estate Data LLC (MRED).

Sales of foreclosed homes decreased 15.7 percent, to 5,691, and short sales sank more than 31 percent, to 1,885 homes, Crain’s said.

Source: chicagobusiness.com