Distressed Sales Reported

Last December, 16.2% of all home sales involved distressed properties, according to RealtyTrac’s Year-End 2013 U.S. Residential & Foreclosure Sales Report. The homes were sold at an average discount of nearly 40% when compared to conventional, non-distressed homes. In 10 of the nation’s largest metro areas, more than one in four home sales last year were in the distressed category (short-sales and foreclosure sales). The markets with the highest percentage of distressed sales were Las Vegas-Paradise, Nev. (41.0%); Orlando-Kissimmee, Fla. (35.9%); Detroit-Warren-Livonia, Mich. (31.2%); Tampa-St. Petersburg-Clearwater, Fla. (30.1%); Miami-Fort Lauderdale-Pompano Beach, Fla. (29.6%); Memphis, Tenn.-Miss.-Ark. (29.5%); Riverside-San Bernardino-Ontario, Calif. (28.8%); Cleveland-Elyria-Mentor, Ohio (28.6%); Chicago-Naperville-Joliet, Ill.-Ind.-Wis. (26.9%); and Sacramento–Arden-Arcade–Roseville, Calif. (25.4%). The report noted that the housing markets in many of the cities with a high proportion of distressed home sales have begun to recover.


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