A new report from Attom Data Solutions says distressed sales are down to 12.5 percent of all sales in the market, the lowest percentage since 2007.
In a statement to MarketWatch, Attom Vice President Daren Blomquist explained, “There was a sense that it was financially smart to cut their losses and just walk away, but in many areas of the country we’ve seen home prices exceed their pre-recession peaks. If they could have just stuck it out they would have built wealth.”
The innovation and technology that’s being harnessed to make applying for a mortgage easier and more up-to-date should also be applied to servicing distressed mortgages, they said. “This is the time to make sure we don’t lose what we learned,” said Dave Lowman, Freddie Mac’s head of single-family business.
Advertisement
Related Stories
Single-Family Homes
Single-Family Permits Increased by 26% During March
The total number of single-family permits reached 241,311 year-to-date, with the West seeing the greatest rise
Affordability
Median US Down Payment Falls by More Than $4,000
The recent decrease in costs is welcome relief for homebuyers, but many West Coast markets remain expensive
Affordability
Data Show Most Americans Are Struggling to Afford a Home
40.5 million households can only afford to purchase a $150,000 home
