Tuesday, November 8, 2016
IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac released its Q3 2016 U.S. Home Sales Report, which shows that distressed sales — including bank-owned (REO) sales, sales of homes actively in foreclosure, and short sales — accounted for 12.9 percent of all U.S. single family home and condo sales in Q3 2016, down from 15.0 percent in the previous quarter and down from 15.9 percent in Q3 2015 to the lowest share of distressed home sales since Q3 2007, when distressed sales accounted for 12.3 percent of all home sales.
“Distressed inventory for sale is virtually non-existent in many of the nation’s hottest housing markets, and when a distressed property is listed for sale in those markets it often sells quickly and at little or no discount,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“The scarcity of discounted distressed inventory is chasing away cash buyers and other bargain hunters, but it’s certainly good news for home sellers, who nationwide realized the biggest home price gains since purchase in nine years.
“We are seeing the average seller home price gain since purchase start to wane in some of the highest-priced markets where appreciation is beginning to cool, indicating those markets are past their prime as sellers’ markets,” Blomquist continued.
“Meanwhile there are still a number of buyers’ markets across the country where a high level of lingering distress and relatively weak demand from owner-occupant buyers provides investors with plenty of bargain-buying opportunities.”
For a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
949-502-8300 ext 139
Posted by Alex at 10:36 AM