Distresses sales continue to fall

Distressed sales accounted for 9.4 percent of all home sales in the United States in June, the lowest percentage for that month since 2007, a report released Thursday stated.

That was down nearly one percent compared with May, and down 2.4 percent year-over-year, according to CoreLogic’s monthly report on distressed sales.

During June, the Inland Empire recorded the largest improvement in distressed sales of any major market in comparison with its peak number: 12 percent compared with 76.3 percent in February 2009, CoreLogic stated.

Generally, distressed sales typically fall month-over-month in June because of seasonal factors.

Distressed sales fall into one of two categories: properties that are owned by banks or other financial institutions, or “short sales,” in which the owner agrees to sell for less than what is owed on the property.

If the current trend continues, distressed sales will make up about two percent of U.S. housing sales in mid-2018, CoreLogic predicted.