2017 sees market share of CT distress property sales drop slightly to a rate of 15% YTD. 1 in every 7 sales in the state is currently a short sale or an REO sale (bank owned foreclosed property). Short sales account for 2% of sales and REO’s at 13%:
Short sales and foreclosures will always be around, however they were not tracked by the Connecticut MLS until 2009, so it is hard to say what a “normal” rate of distress sales would actually be. In the last few years increased buyer demand and decreasing inventory in CT have led to home values rising. This has left far fewer homeowners to have to short sell or foreclose as they are no longer underwater. However, recovery in Connecticut has been slow, still leaving many with negative equity.
Last Updated on November 29, 2017 by Minna Reid