Sales of Distressed Properties Fall in IE

Distressed sales accounted for 10.9 percent of all home sales in the Inland Empire during November, according to CoreLogic in Irvine.

Of the 25 major metropolitan areas included in CoreLogic’s study of distressed sales in November, the Inland Empire recorded the largest drop from its peak level. Distressed sales in Riverside and San Bernardino counties reached 76.3 percent in February 2009, so they’ve dropped 65.4 percent in the Inland Empire since then, CoreLogic reported Wednesday.

Distressed sales include bank-owned properties that have been foreclosed on and short sales, meaning a house sold for a price below what is owed on the mortgage.

Short sales are usually done to avoid foreclosure or to raise money quickly. In general, the lower the number of distressed sales the healthier the housing market.

Distressed sales made up 11.9 percent all home sales in the United States during November, according to CoreLogic