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Distressed Sales at Twenty-four Percent of Market

October 29, 2012 By admin

Based on information from the latest REALTORS® Confidence Index survey, 24 percent of respondents reported selling distressed property (foreclosed and short sales), down substantially from what had been the case a year or two ago. Cash sales accounted for roughly 40 percent of distressed sales (39 percent in August 2012).

What Does This Mean for REALTORS®? The shadow inventory, consisting of properties with mortgages about to enter default, has been mentioned in recent years as a major concern. In fact, availability of inventory available for sale — both distressed and non-distressed — continues to be limited, and distressed sales are declining. Inventories of homes for sale have declined to the 6-month level and in some areas are significantly less. The measured pace of the release of distressed properties to the market has bolstered housing prices.

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3325 Taylor Rd., Suite 107
Chesapeake, VA 23321
(757) 638-5700
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1512 East Little Creek Rd.
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Elizabeth City, NC 27909
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Virginia Beach, VA 23464
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Williamsburg, VA 23185
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Kitty Hawk, NC 27949
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Virginia Beach, VA 23451
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1547-A E. Little Creek Road, Suite #100
Norfolk, VA 23518
757-583-1801
757-583-2343

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