Short Sales and REO foreclosures still rule. Nearly one out of every three (29 percent) of homes sold in the nation in January were so-called “distressed” sales – short sales or sales of property claimed by lenders in foreclosures, according to a new report Thursday from real estate information company First American CoreLogic of Santa Ana.
During the last 12 months, there were 974,000 distressed sales: 740,000 were REO sales and 234,000 were short sales.
Among the largest 25 markets, Riverside, in Southern California, had the largest percentage of distressed sales in January (62 percent), followed closely by Las Vegas (59 percent) and Sacramento (58 percent).
The top REO market was Detroit where the REO share was 48 percent, followed closely by Riverside (47 percent) and Las Vegas (45 percent). San Diego’s short sale share was 19 percent in January, making it the highest ranked short sale market, followed by Sacramento (18 percent) and Oakland (16 percent).
