Available Listings Approach 11,000
During the past week, the number of properties listed as available dipped by 175 units, bringing total inventory to 11,184 homes. Compared to the same week of the prior year, listings are down 11,641 properties, or 51.0 percent.
Availability continued to slant toward vacant and tenantoccupied properties, while owner-occupied listings represented a modest 35.1 percent of total inventory.
As previously reported, the number of distressed properties continues to remain elevated.
Approximately 60 percent of all homes listed as available are distressed, meaning they are either subject to a short sale situation or are already owned by a bank.
Properties considered under contract that are contingent upon some action taking place reported an even higher share of distress with 72 percent subject to lender approval on a short sale. Of the 11,200 units noted as contingent, another 20 percent are already bankowned, suggesting only 8 percent of contingent homes do not have a lender involved with authorizing the sale.
Over 81 percent of pending sales, those most likely to close as planned, are distressed properties. It is also worth noting the aggregate number of available and contracted units declined by 633 homes during the past week reaching 25,988 units.
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