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Based on information from the latest REALTORS® Confidence Index survey, 24 percent of respondents reported selling distressed property (foreclosed and short sales), down substantially from what had been the case a year or two ago. Cash sales accounted for roughly 40 percent of distressed sales (39 percent in August 2012).
What Does This Mean for REALTORS®? The shadow inventory, consisting of properties with mortgages about to enter default, has been mentioned in recent years as a major concern. In fact, availability of inventory available for sale -- both distressed and non-distressed -- continues to be limited, and distressed sales are declining. Inventories of homes for sale have declined to the 6-month level and in some areas are significantly less. The measured pace of the release of distressed properties to the market has bolstered housing prices.
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