Wednesday, February 19, 2014

Cities Selling the Most Distressed Homes

In December, 16.2% of all home sales involved distressed properties, according to 24/7 Wall Street. These homes were sold at an average discount of nearly 40% when compared with conventional nondistressed homes.

Housing data site RealtyTrac's recently released Year-End 2013 U.S. Residential & Foreclosure Sales Report showed that 10 of America's largest metro areas are still processing so many foreclosed homes that distressed properties made up more than 1 in 4 home sales last year. In Las Vegas, 41% were distressed.

Based on RealtyTrac figures, 24/7 Wall St. determined the 10 housing markets with the highest percentage of distressed-property sales. In order to be considered distressed, a sale had to involve property sold “short” — meaning for less than the value of the outstanding mortgage(s) — or had to have been a foreclosure-related sale. Foreclosure-related sales include properties sold at foreclosure auctions and the disposal of bank-owned real estate.

10. Sacramento–Arden-Arcade–Roseville, Calif. • Pct. distressed sales: 25.4%

9. Chicago-Naperville-Joliet, Ill.-Ind.-Wis. • Pct. distressed sales: 26.9%

8. Cleveland-Elyria-Mentor, Ohio • Pct. distressed sales: 28.6%

7. Riverside-San Bernardino-Ontario, Calif. • Pct. distressed sales: 28.8%

6. Memphis, Tenn.-Miss.-Ark. • Pct. distressed sales: 29.5%

5. Miami-Fort Lauderdale-Pompano Beach, Fla. • Pct. distressed sales: 29.6%

4. Tampa-St. Petersburg-Clearwater, Fla. • Pct. distressed sales: 30.1%

3. Detroit-Warren-Livonia, Mich. • Pct. distressed sales: 31.2%

2. Orlando-Kissimmee, Fla. • Pct. distressed sales: 35.9%

1. Las Vegas-Paradise, Nev. • Pct. distressed sales: 41.0%

1 comment:

  1. And the most distressed sales are in where else? Yes, PARADISE!!!!!