CoreLogic: no Energy-Related Increases in Distressed Sales

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Posted To: MND NewsWire

Distressed properties represented a smaller share of all home sales once again in February. CoreLogic reports that 11.1 percent of closed sales during the month were properties either sold out of lender owned real estate (REO) or as short sales. This is down 2.9 percentage points from the total of distressed sales a year earlier and 0.4 points less than in January 2016. REO sales accounted for 7.8 percent of home sales and short sales for 3.3 percent. REO sales were the lowest for any February since 2007 . The short sales share fell below 4 percent two years ago and has remained in the 3 to 4 percent range since then. There were only nine states in which the share of distressed sales did not decline from a year earlier and CoreLogic noted that, despite the current downturn in the energy sector…(read more)

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