(IRVINE, Calif.) — Though we’ve been hearing encouraging news about the state of the housing market in recent weeks, a new review of foreclosure sales and short sales in 2012 shows that there may still be a ways to go.
“Even though foreclosures are decreasing and the number of foreclosure sales are increasing, the overall number of distressed sales, percentage of distressed sales in the market is still very high at 43 percent,” said Daren Blomquist, vice president of RealtyTrac.
Indeed, though foreclosures are an increasingly small aspect of the housing market as of late, a significant portion of homes are still being sold at a loss or are otherwise distressed.
“These distress sales are still impacting the market very heavily,” said Blomquist. “And until we see those distress sales go down to a much lower level we don’t think this market is in a completely healthy state despite some of the good news we’ve been seeing.”
Foreclosure sales accounted for 21 percent of sales down from 2011’s 23 percent figure and the 28 percent number in 2010.
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Madison Park, Keith Allen and Andreas Preuss, CNN