Posted To: MND NewsWire
CoreLogic has cut back the timeline under which it expects to see distressed properties return to the share of sales that prevailed prior to the housing crisis. Its report on distressed sales for April now anticipates that, at the current rate of decline those sales will be back to about 2 percent of all home sales by mid-2017. In previous reports it had predicted that level would be achieved by mid-2018. Distressed properties accounted for 8.8 percent of home sales in April, down 3 percentage points from April 2015 and 1.7 percentage points from March. REO sales made up 5.7 percent of home sales during the month with short sales making up the balance. Sales of REO were down 2.4 points from a year earlier to the lowest share for any April since 2007. The short sales share fell below 4 percent…(read more )