Distressed Sales Bumped Up Last Year | Chappaqua NY Real Estate

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Just to prove that they are not quite ready for the history books, sales of foreclosures and short sales increased slightly last year. Institutions bought 7.9 percent of all homes.
 
RealtyTrac reported that short sales and foreclosure-related sales — including both sales to third party buyers at the public foreclosure auction and sales of bank-owned properties — accounted for a combined 16.2 percent of all U.S. residential sales in 2013, up from 14.5 percent of all sales in 2012 and up from 15.2 percent of all sales in 2011.

The median price of a distressed residential property — in foreclosure or bank-owned — was $108,494 in December, 38 percent below the median price of $174,401 for a non-distressed residential property.

“It may surprise some to see distressed sales rising in 2013 given that foreclosure starts dropped to a seven-year low for the year,” said Daren Blomquist, vice president at RealtyTrac. “And while short sales did trend lower in the second half of the year, there are still more than 1.2 million properties in the foreclosure process or bank-owned, providing a sizable pool of inventory that the housing market is in the process of absorbing. Meanwhile, non-distressed sellers have not listed their homes for sale in droves, helping to keep the distressed share of sales at a stubbornly high level.”

Other high-level findings from the report:
Sales of bank-owned properties (REO) accounted for 9.3 percent of all U.S. residential sales in December, up from 8.7 percent in the previous month and 9.2 percent in December 2012.
States with the highest percentage of REO sales in December were Nevada (18.9 percent), Michigan (18.4 percent), Ohio (17.8 percent), Arizona (15.7 percent), and Illinois (14.7 percent).
More than 436,000 REO properties sold in 2013, accounting for 9.3 percent of all U.S. residential sales, up from 9.1 percent in 2012 and up from 8.7 percent in 2011.


http://www.realestateeconomywatch.com/2014/01/distressed-sales-bumped-up-last-year/

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