According to a recent post by CoreLogic, distressed property sales (REO and short sales) have continued to drop throughout the United States since 2009, with occasional seasonal spikes. It should be noted that Florida is holding steady in the #3 spot for distressed sales, at 23.6 percent. It’s also interesting that many of Florida’s regions make up the statistical areas by population with the highest number of distressed property sales (including Miami, Orlando, and Tampa).
What does this mean for those of us in the business of turning over REO properties on a regular basis? Housing trends may be unpredictable to a certain extent, but as CoreLogic points out, there will always be distressed properties, even when healthy home sales are increasing.
Of course, from our perspective, one of the best things you can do to make sure those assets are moving is to make them look as attractive as possible to potential buyers. Keep that in mind when you’re going over your REO repairs bids!