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Distressed home sales continue to decline

Posted by Mehran Aram on Thu, May 9, 2019 @ 06:05 AM

Bank owned sales, third-party foreclosure auctions and short-sales continue to decline on an annual basis, according to a new report. ATTOM Data Solutions’ Q1 2019 Home Sales Report shows that total distressed home sales accounted for 14.2 percent of all single-family and condo sales last quarter. This is down from 15.2 percent a year ago.

Distressed properties can often be bought at far below market range and are a popular choice for investors looking to “flip” homes.

With increased home values and low mortgage rates, buyers have been able to fend off foreclosures and short-sales, keeping distressed properties on the market at their lowest point in years.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

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Topics: foreclosures, Mortgage rates, distressed property sales,, ATTOM Data Solutions, distressed home sales, Bank Owned Sales, foreclosure auctions, Distressed Properties