IE Business Daily Business news for the Inland Empire.
The Inland Empire housing market is doing a good job of ridding itself of its distressed properties.
The percentage of distressed properties sold in Riverside and San Bernardino counties in August was 11.4 percent, down from its peak of 76.3 percent in February 2009, according to data released Wednesday by CoreLogic in Irvine.
No other major metropolitan area recorded that much of an improvement in August from its peak number, CoreLogic reported in its monthly report on U.S. distressed properties.
A distressed property is one that is sold quickly, often for a loss, usually because the owner need to raise cash quickly.
Nationwide, distressed sales accounted for 9.3 percent of all home sales in August, essentially unchanged from July but down 2.3 percent year-over-year.
In California, distressed sales accounted for 8.7 percent of all home sales in August, down from its peak of 67.4 percent in January 2009, according to CoreLogic.
