Tag Archives: distressed properties

The May 2017 Existing Home Sales Index was released Tuesday, showing that even though inventory is slightly on the rise compared to April 2017, median home prices are still increasing as well. Existing, unsold properties are coming off the market at record times, and foreclosures and short sales are contributing factors. Some industry professionals, however, wonder how long this trend will last.

A decline in the glut of homes available in the hardest hit areas is good news for housing, according to the National Association of Realtors.

At their peak in January 2011, cash sales accounted for nearly half of all residential home sales in the United States (46.5 percent). Since then, that percentage has steadily declined; in August 2015, it was reported at 31.7 percent, less than one-third of all home sales—a decline of more than 3 percentage points from August 2014, when it was 34.9 percent.

Investors who sought low prices on distressed inventory with a high return on investment took advantage of opportunities in Q1. With an absence of traditional homebuyers, investors reduced high distressed saturation rates by creating more demand, thus driving up home prices in key recovering metros, according to Clear Capital.

City officials in the Las Vegas suburb of Henderson, Nevada, have announced the launch of a foreclosure registry in order to help monitor the number of abandoned residential properties in the area from falling into disrepair or becoming blighted.

An anonymous bidder offered slightly more than $3.1 million in an auction last week to buy more than 6,000 foreclosed homes in Detroit, according to Wayne County, Michigan, Chief Deputy Treasurer David Szymanski.

Residential foreclosures and REO (bank-owned) properties no longer drive distressed property valuations, according to the FNC Appraisals Pipeline Report released earlier in the week.