MRIS’s distressed-sale numbers for March actually look pretty good compared to a year ago. (Calculated Risk, a great economics blog, happens to get MRIS numbers, which is why we only mention them.)
Short sales remained about the same (a bit more than 13 percent of all sales), but foreclosures dropped by almost half from March 2011. In total, distressed sales made up almost 40 percent of sales in March 2011, but only 28 percent in March 2012.
We don’t know what if any effect the removal of the foreclosure bottleneck will have (Virginia wasn’t among the top foreclosure states anyway), but it certainly looks like yet another sign of things improving.