The Connecticut real estate market is lagging well behind the national average when it comes to distressed sales. Its percentage of distressed sales, which include real estate-owned properties (REOs) and short sales, is more than double the national average.
According to the latest information from realty tracker CoreLogic, Connecticut’s share of distressed sales was 19.1 percent, fourth highest in the country and unchanged from July figures.
CoreLogic reports distressed sales accounted for 9.3 percent of total home sales nationally in August 2015, down 2.3 percentage points from August 2014 and down 0.4 percentage points from July 2015.
Within the distressed category, real estate owned sales accounted for 6 percent and short sales made up 3.3 percent of total home sales in August 2015. The real estate owned sales share was the lowest since September 2007 when it was 5.2 percent. The short sales share fell below 4 percent in mid-2014 and has remained in the 3-4 percent range since then.
At its peak in January 2009, distressed sales totaled 32.4 percent of all sales, with real estate owned sales representing 27.9 percent of that share.
According to CoreLogic, by comparison, the pre-crisis share of distressed sales was traditionally about 2 percent.
