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Foreclosure, short sales begin to wane across country

Posted on Thursday, May 29, 2014 at 8:56:45 AM

Since the Great Recession, distressed properties have dotted the landscape across the country. An indication of the many problems homeowners once had with residential financing, sales of these homes have been slipping recently.

According to RealtyTrac's April 2014 Residential and Foreclosure Sales Report, short sales and distressed sales comprised only 15.6 percent of total sales for April. That is below 16.5 percent reported in March and 17.2 percent during the same time last year. Cities with the highest number of distressed sales were Las Vegas at 37.7 percent and Stockton, California at 33.3 percent.

"April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country," said Daren Blomquist, vice president at RealtyTrac. "Annualized sales volume nationwide decreased on a monthly basis for the sixth consecutive month and the 4 percent annual increase in April was the lowest year-over-year increase so far this year."

In addition, Black Knight Financial Services reported that U.S. home prices ticked up 1 percent in March, with prices only 12.8 percent below the peak experienced in 2006. Out of all the states, only Connecticut noted a month-over-month decline.