In September, distressed sales accounted for 9.7 percent of total home sales nationwide; the culmination of declines that span the past few years, according to CoreLogic.
Considering the current pace of distressed sale declines, CoreLogic researchers determined that the market could see a return to the “normal” 2-percent share of distressed sales by mid-2018.
In many markets around the country, foreclosure rates, which are direct reflections of local distress, have already dwindled to levels more common during the years preceding the economic downturn. However, not every market has made such progress.
In both Florida and its biggest metro, Miami, foreclosures have played serious roles in the market, as huge backlogs have kept levels high. But progress in the state has been steady and plenty. From Sept. 2014 to Sept. 2015, the state’s foreclosure rate feel from 4.35 percent to 2.56 percent, while the serious delinquency rate dropped nearly 3 percentage points to 5.78 percent.
The downward trend was similarly pronounced in Miami, where the foreclosure rate dropped from 5.33 percent to 3.38 percent in the 12 months leading up to Sept. 2015. The rate is down from over 8 percent in Jan. 2014. Serious delinquencies in the city also fell, dropping from 14.5 percent in Jan. 2014 to 7.74 percent in Sept. 2015.
