NAR released its August Existing-Home Sales report this morning and we thought we'd call attention to one line in particular to highlight why local stats are important for every real estate professional to understand:
"Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010."
We thought we'd take a look at the makeup of the DC Metro market to see how it stacks up against these national numbers. Not surprising to see less distressed homes as a percentage of all (we refer to them as "bank-mediated") given the relative strength of the DC metro economy, but it is worth highlighting the difference:
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