Distressed real estate sales at their lowest point since 2007

November 22, 2016

 

home sale signLOS ANGELES — The percentage of cash home sales continues to fall according to real estate tracking firm CoreLogic. Cash sales accounted for 31 percent of all home sales in August according to the group. That was a 1.5 percent decline from August of 2015.

Distressed home sales made up 7.3 percent of sales and bank-owned sales (REO) accounted for 4.6 percent of transactions. That was the lowest percentage for bank-owned properties since 2007.

At the peak of the housing crises, in January 2009, distressed sales made up 32.4 percent of all sales with REO sales representing 27.9 percent of that share.

Despite the drop in distressed sales, only North Dakota and the District of Columbia are close to their pre-crisis levels (each within one point).

In California, 22 percent of sales were all-cash offers, only Massachusetts had a lower percentage of cash offers. Alabama had the highest level of cash offers with 45 percent of sales coming from cash offers.

The largest portion of cash sales (58.6 percent) were REO sales followed by resales at 31 percent.

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