Short Sales and REOs Account for 25 Percent of Home Sales in August
A recent study shows that short sales and REO’s accounted for 25% of home sales in August. RealtyTrac released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up two percent from the 5.5 million pace in July and up 12 percent from the 5.0 million pace in August 2012. It also stated that the median price of a distressed residential property, a property that is bank owned or in foreclosure in August was $116,000, up one percent from the previous month, but down three percent from a year ago. Median distressed prices have now declined on an annual basis for six consecutive months including August.
Daren Blomquist, vice president at RealtyTrac stated “This recovery in home prices and sale volume continues to be driven in large part by cash buyers and institutional investors, as evidenced by the increasing share of sales represented by those two categories in August.”
The study also showed that:
►Short sales accounted for 15 percent of all U.S. residential sales in August, up from 14 percent in July and eight percent in August 2012.
►Sales of bank-owned homes accounted for 10 percent of all U.S. residential sales in August, up from nine percent in July and nine percent in August 2012.