Distressed properties dominated 22 percent of the Charlotte metropolitan area real estate market in May, according to a report released today by the Charlotte Regional Realtor Association.
According to the report, 22.6 percent of the homes for sale were lender-mediated properties, a description that applies to homes that are listed, among other things, as in the foreclosure process, lender-owned, short sale or corporate-owned.
For May, 22.3 percent of finalized sales were lender-mediated.
It’s a new kind of report for the CRRA, which until now has only issued to the media monthly reports on real estate sales and listing activity. Those reports never included detailed data on distressed properties.
Of the homes listed for sale:
- 2,206 were short sales, down 3.9 percent from a year ago;
- 1,076 were foreclosures, down 31.8 percent; and
- 13,755 were traditional, down 20.2 percent.
Of the finalized sales:
- 250 were short sales, down 22.1 percent from a year ago;
- 329 were foreclosures, down 44.8 percent; and
- 2,598 were traditional, down 4.6 percent.