Newspaper article Sarasota Herald Tribune

Florida Is Ranked Fourth for Distressed-Home Sales

Newspaper article Sarasota Herald Tribune

Florida Is Ranked Fourth for Distressed-Home Sales

Article excerpt

REAL ESTATE

Florida ranks fourth in the nation for the share of distressed home sales, but the numbers are shrinking.

Distressed sales, which include lender-owned real estate and short sales, accounted for 16.4 percent of total home sales in the state in April, data provider CoreLogic reported.

But that was down from 21.7 percent a year ago, and Florida posted the largest decline of any state.

Nationwide, distressed deals totaled 8.8 percent of all home sales, which was off from 11.8 percent last year.

The share of foreclosure and short sales peaked at 32.4 percent in January 2009.

"While distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount to non-distressed sales, and when the share of distressed sales is high, it can pull down the prices of non-distressed sales," CoreLogic said. …

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