The bureau also said the replacement, a policy allowing
distressed sales to "eligible entities" had been suspended after an appeals court vacated the definition.
New York saw its share of
distressed sales climb by 3 percent, while Washington, D.
On a month-over-month basis, excluding
distressed sales, CoreLogic reported that home prices increased by 0.
As
distressed sales continue to decline, the share of sales is tilting toward more expensive homes, boosting the nationwide median sales price," said Daren Blomquist, vice president of RealtyTrac.
Distressed sales accounted for 9 percent of the purchases in July -- the lowest share since the association began tracking the figure in October 2008.
The report suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should refuse to accept
distressed sales as valid comps, which would force a reassessment of non-distressed properties.
Rather, the share of
distressed sales -- either foreclosures or short sales by banks -- has decreased to 25 percent of the market, down from 30 percent in the prior year.
Excluding
distressed sales, prices fared even better, gaining 2.
Reliance on
distressed sales as comparables in non-distressed property appraisals, without appropriate analysis, promotes low appraisals.
Nationwide,
distressed sales made up 23 percent of all home purchases.
Across the 50 largest metropolitan statistical areas (MSAs), the price growth of existing homes, excluding
distressed sales, ranged from -8.
Distressed sales, including short sales and real estate owned transactions, accounted for a large portion of the drop in U.
