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Sales of Distressed Properties Hit New Low

Monday, October 24, 2016   /   by Vanessa Saunders

Sales of Distressed Properties Hit New Low

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Although the Hudson Valley lags national trends in real estate numbers, it's still interesting to see what the rest of the nation is doing. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.


Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.


Sales of Distressed Properties Hit New Low | Keeping Current Matters


Existing Home Sales Hit 2nd Highest Figure Since June 


Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.


Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.


NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:



"Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in."


There is good news though, as Yun went on to say:



"There's hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate."  


Bottom Line


If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Meet with a local real estate professional who can help you determine your best plan.

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
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