Distressed Sales Were At 29 Percent Of Market | South Salem NY Real Estate

Distressed sales go through several stages – the initial overdue status for mortgage payments, the actual foreclosure by the financial institution, and the final sale of the property, frequently by Realtors® through the MLS.

• Measured at the MLS sales level, distressed sales have hovered in the 30 to 35 percent range for a number of years, with heavy sales concentrations in a few states. According to the latest Realtors® Confidence Index, as of March 2012, distressed sales were 29 percent of total sales. Realtors® in some areas are reporting shortages in inventory as demand picks up and have indicated that additional distressed properties on the market could be sold relatively easily.
• The Existing Home Sales market is bifurcated, with distressed properties frequently being sold at significant discounts to market, frequently in subpar condition when going to market, and reported to be popular with investors seeking bargain prices.
• The level of distressed sales fluctuates from month to month.
• Currently Realtors® in a number of states are reporting shortages of inventories of distressed real estate: the market is clearing distressed properties from the market at a rapid rate.