MRIS reports dramatic drop in distressed-home sales

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.

Read more over at Calculated Risk.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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