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With rising home values and fewer foreclosures, the share of distressed sales to existing home sales continued to decline, according to data from the September 2014 REALTORS® Confidence Index Survey: http://www.realtor.org/reports/realtors-confidence-index
In September 2014, distressed sales accounted for 10 percent of sales: 7 percent of reported sales were foreclosed properties, and about 3 percent were short sales[1]. The decline of distressed properties on the market explains to some degree why investment sales and all-cash sales have been on the decline.
Distressed property sold at a 14 percent average discount for the past 12 months. Properties in “above average” condition were discounted by an average of 10-12 percent, while properties in “below average” condition were discounted at an average of 14-20 percent.
[1] The survey asks respondents to report on the characteristics of the most recent sale for the month.
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