Skip to main content

Foreclosed Sales & Short Sales drop below 10% #RealEstate #housingmarket #housing #foreclosures #shortsales #teamthayer

short-sale-contract-twoDistressed home sales, which are sales of REO properties and short sales, comprised 9.9 percent of all U.S. home sales in May, the first time since the recession that the distressed sales share has dipped below 10 percent, according to data released by CoreLogic on Thursday.
The national distressed sales share declined by 2.8 percentage points in May 2015 from May 2014's share of 12.7 percent. May 2015's share was the lowest total for any May since 2007, when it was reported at 5 percent. The distressed sales share declined by 1.7 percentage points from April 2015 to May, likely caused by seasonal factors, according to CoreLogic.
Of that 9.9 percent distressed sales share reported for May 2015, REO sales accounted for 6.4 percent of all home sales, the lowest share for REO since October 2007, when it was reported at 6 percent. The remaining 3.5 percent of distressed sales in May 2015 were short sales, which have remained stable since falling back down below 4 percent in mid-2014.
With the latest decline, the distressed sales share has fallen about 70 percent from their peak experienced in January 2009, when distressed sales made up 32.4 percent of all residential home sales. During that peak month, REO sales accounted for 27.9 percent of all home sales, according to CoreLogic. Distresses sales typically hovered around 2 percent before the crisis; if the year-over-year decline in distressed sales share continues at its current rate, it would reach that "normal" level of 2 percent by mid-2018, CoreLogic reported.
The five states with the largest share of distressed sales in May were Michigan (21.4 percent), Florida (21.3 percent), Maryland (20.3 percent), Illinois (19.4 percent), and Connecticut (19.3 percent). The state with the largest year-over-year decline in distressed sales share was Nevada, which experienced a drop of 7 percentage points in May. The state with the largest decline since its peak was California, where the distressed sales share has dropped 58.1 percentage points from its peak of 67.5 percent experienced in January 2009. In May 2015, CoreLogic reported that only one state plus the District of Columbia were within one percentage point of their pre-crisis distressed sales share.
The three Core-Based Statistical Areas with the largest share of distressed sales based on loan count were all located in Florida – Orlando-Kissimmee-Sanford (24.6 percent), Miami-Miami Beach-Kendall (23.3 percent), and Tampa-St. Petersburg-Clearwater (22.9 percent). Rounding out the top five CBSAs were Chicago-Naperville-Arlington Heights, Illinois (22.2 percent) and Baltimore-Columbia-Towson, Maryland (20.1 percent).

 Find Homes In Oregon: www.teamthayer.com

Location: Eugene, OR 97401, USA

Popular posts from this blog

Grass Seed Video

Read more

How Far Has the Economy Fallen in a Month? Team Thayer #realestate #housing #economic ##market #news #oregon

If the  May  Wall Street Journal  economist survey  is any indication, the economy is a lot worse off than it was as recently as a month ago. In the last three surveys conducted by the  Journal  in which economists are asked when they think the Federal Reserve  will next raise the federal funds target rate, the consensus answer has been June. In April’s survey, three-quarters of economists surveyed said they believe that a rate hike by the Fed will be announced at the next FOMC meeting on June 14 and 15. May’s survey told a different story, however. Less than a third (31 percent) out of the 70 economists surveyed said they believe the rate hike will take place in June; 21 percent said they believe it will take place in July. The same percentage of economists who believe that a June rate hike will take place (31 percent) said they think it will take place in September. What happened to the economy in the last month? A couple of setbacks—first,...
Read more

When Will Bank Foreclosurews ‘Normalize’? Team Thayer #realestate #investor #housing #market #news #oregon

With much of the talk surrounding the housing market centered on “normalization” or returning to its pre-crisis state, one metric which the market is watching is the distressed sales share—the share of REO and short sales that comprise total residential home sales. For February 2016, the distressed sales share declined by 2.9 percentage points over-the-year (and 0.4 percentage points over-the month) down to 11 percent, according to  data released by CoreLogic  on Thursday. At their peak in January 2009, distressed sales accounted for nearly one-third of all residential home sales (32.4 percent) but has been declining steadily since then. By comparison, the pre-crisis share of distressed sales was typically around 2 percent; CoreLogic estimates that if the current rate of year-over-year decline continues, the distressed sales share will reach the “normal” pre-crisis level in slightly more than two years. “Prior to the housing crash, the distressed share of total...
Read more