IE Business Daily Business news for the Inland Empire.
Distressed sales accounted for 10.5 percent of all single-family home sales in the Inland Empire in January, according to data released this week.
That figure remains high, but it still represents significant improvement in the local housing market, Irvine-based CoreLogic reported in its monthly analysis of distressed home sales throughout the United States.
In February 2009, 76.3 percent of all home sales in Riverside and San Bernardino counties were distressed sales, meaning they were sold quickly and below market value, often to avoid foreclosure.
Twenty five major metropolitan areas were included in the survey, and none of them in January experienced that large a drop – 65.8 percent – from their peak level of distressed sales, the report stated.
Nationwide, distressed sales accounted for 11.2 percent all home sales during January, down 3.3 percent year-over-year. Forty two states, including California, recorded a lower percentage of distressed sales in January than they did exactly one year earlier, according to CoreLogic.
