Sales of problem mortgages drop to lowest level in nearly seven years
Thursday, August 21, 2014 2:38 PM
Distressed sales accounted for 11.4 percent of total home sales in June, the lowest share since December 2007 and a strong improvement from the same time a year ago, when this category made up 15.8 percent of total sales, real estate analytics firm CoreLogic Inc. said. The sale of bank-owned houses generated 7.2 percent of sales, and short sales made up 4.2 percent. In a short sale, houses are sold at less than their appraised value or their loan value. At its peak in January 2009, distressed sales totaled 32.5 percent of all sales, with bank-owned properties making up 28 percent of that share.