One of the factors that have been important in skewing the housing market over the last eight to nine years has been the persistent presence of distressed sales (short sales, bank-owned properties).
Historically only 2 percent of sales in the housing market have been distressed but in February distressed sales accounted for 13.5 percent of all sales. That number, however, represents a .8 percent drop from January and a 9.7 percent drop from the previous year.
If that trend continues then the market will return to the historic norm of 2 percent in 2017, according to a new report out from CoreLogic.
For more, head over to Chicago Agent Magazine here.
