Distressed home sales down in April

By Kevin Zimmerman

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Connecticut is among seven states that recorded lower distressed home sales in April 2016 compared with a year earlier, according to the latest data released by property information and analytics firm CoreLogic.

Maryland had the largest share of distressed sales of any state at 19.5 percent, followed by Connecticut (18.6 percent), Michigan (18.1 percent) and Florida (16.4 percent).

Distressed home sales are those undertaken in an urgent manner, and include short sales and real estate-owned sales. Connecticut’s distressed home sales stood at 18.9 percent in March and 19.1 percent in February.

Nationally, distressed sales accounted for 8.8 percent of total sales, down 3 percentage points from April 2015 and down 1.7 percentage points from March 2016. The pre-crisis share of distressed sales was traditionally about 2 percent. CoreLogic said that if the current year-over-year decrease in the distressed sales share continues, it will reach that “normal” 2-percent mark in mid-2017.

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