In a June 2 press release, CoreLogic noted that if you exclude
distressed sales from the numbers, only South Dakota and Louisiana showed year-over-year depreciation in April.
[paragraph] Those numbers include
distressed sales, the company noted.
Nationally, according to the February report, just 12.7 percent of all residential real estate transactions last year were
distressed sales. That number was down from 17 percent in 2013 and a high of 33 percent in 2011, according to Black Knight.
Excluding
distressed sales, national home prices grew by 5.8 percent in February 2015 compared with a year earlier.
The Marketrac table that month (with data supplied by First American CoreLogic) showed that 72.3 percent of all the home sales in Detroit involved
distressed sales. More than seven out of 10 home sales were either real estate-owned (REO) sales or short sales.
Of the 15 metros on the list of highest-performing major metro markets, Orlando, Florida, had the highest share of
distressed sales as a percentage of all sales at 34.7 percent.
The data for that 2010 issue, supplied by CoreLogic, also showed that Las Vegas had the second-highest share of
distressed sales as a percentage of all sales.
CoreLogic, Irvine, California, reported that national home prices (including
distressed sales) were up 10.5 percent in April compared with one year earlier.
Subsequent sales by mortgage lenders of foreclosed properties are included in repeat-sale pairs because they are arm's-length transactions." FNC's RPI, on the other hand, excludes
distressed sales that are final sales of REO and foreclosed properties.
The feature lists the markets with the highest share of
distressed sales as a percentage of all housing sales.
One year ago, in our February 2013 issue, Las Vegas was the poster child for
distressed sales. In our Marketrae section that month, the share of all Las Vegas housing sales (in October 2012) that were distressed properties was 47.4 percent, according to Core-Logic.
By comparison,
distressed sales accounted for 26 percent of existing-home sales in June of last year.
