IE Business Daily Business news for the Inland Empire.
Distressed sales made up 10.3 percent of all homes sales in the Inland Empire during February, according to data released Thursday.
That was down from a peak of 76.3 percent in February 2009, a drop of 66 percent, Irvine-based CoreLogic reported in its monthly analysis of distressed home sales in the United States.
Twenty four other major metropolitan areas were included in survey. No other region reported as large a drop from its peak point of distressed sales during that seven-year period, a trend that has been ongoing for several months.
A distressed sale is one in which a house is sold quickly, often for a loss, because the owner must raise cash quickly.
Bank-owned properties, meaning houses that are foreclosed on and repossessed after they fail to sell at a foreclosure auction, are included in CoreLogic’s distressed sales data.
Nationwide, distressed sales made up 11.1 percent of all home sales during the second month of 2016, a year-over-year improvement of nearly three percent. At its peak in January 2009, distressed sales made up 32.4 percent of all home sales in the United States, according to CoreLogic.
