The latest report on foreclosures and short sales from MRIS shows a significant drop in foreclosure sales from a year ago, while short sales edged up slightly.
Last June, total distressed sales made up a quarter of the market in MRIS territory (which includes a large part of Virginia) — 24.9%. This year it’s down to 18.9%.
The drop comes entirely from foreclosures, which had comprised 14.9% of the market last year, but dropped to just 8.7% this year. (Short sales went from 10.0% to 10.2%.)
That means lots of things, most notably less downward pressure on prices because foreclosures affect property values much more than short sales. It’s also yet another sign of a recovering market, of course.