Distressed homes – typically REOs and short sales – accounted for 40 percent of the existing homes sold in March, the National Association of Realtors (NAR) reported Wednesday.
The trade group notes that these properties generally sell at discounts in the vicinity of 20 percent. Their large market share served to dampen the median existing-home price....
Lawrence Yun, NAR’s chief economist, expects the improving sales pattern to continue.
“Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage....
All-cash sales were at a record market share of 35 percent last month, up from 33 percent in February and 27 percent in March 2010.
Investors accounted for 22 percent of sales activity in March, up from 19 percent both the month before and a year earlier.
For full story: http://www.dsnews.com/articles/distressed-properties-claim-40-of-existing-home-sales-2011-04-20
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