IE Business Daily Business news for the Inland Empire.
Distressed sales, including bank-owned properties and so-called short sales, accounted for 10.1 percent of all single-family home sales in the Inland Empire during March, according to data released Thursday.
That number was significant because it marked the greatest improvement of any major market from its distressed sales peak, which in the two-county region was 76.3 percent in February 2009, Irvine-based CoreLogic reported in its monthly analysis of distressed sales.
Nationwide, distressed sales accounted for 9.9 percent of all homes sold during the third month of the year. California’s rate was 7.6 percent, and all but eight states lowered their percentage of distressed sales between March of this year and March 2015, CoreLogic reported.
A distressed sale is one in which a property is sold at a loss, usually so the property owner can raise money quickly.
