Digging deeper in to May’s sales numbers, Corelogic finds that distressed sales (including REO & short sales) accounted for 8.4% of total home sales nationally in May 2016, down 2.1 percentage points from May 2015 and down 1 percentage point from April 2016. Breaking that down further, REO sales accounted for 5.4% and short sales accounted for 3% of total sales. The REO sales share was the lowest for the month of May since 2007. The short sales share fell below 4% in mid-2014 and has remained in the 3-4 percent range since then.
Key takeaways:
- Of total sales in May 2016, distressed sales accounted for 8.4% and real estate-owned (REO) sales accounted for 5.4%
- The REO sales share was 22.5 percentage points below its peak of 27.9% in January 2009
- Distressed sales shares fell in most states, including the oil markets
Click here to read the full story on Corelogic.com.
