The latest figures from MRIS (whose MLS covers much of Virginia) show that distressed homes — sold as either a foreclosure or short sale — made up a significantly smaller percent of the market than a year ago.

Total distressed sales went from 25.2% of the market in July 2011 to 20% in July 2012. Interestingly, the percent of short sales was up slightly (10.2% to 11.3%), while foreclosures dropped dramatically (from 15.1 to 8.7%).

Read more over at Calculated Risk.