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Charlotte distressed-property activity down

Distressed-property sales made up a smaller percentage of overall home sales in August than in the same month last year, the Charlotte Regional Realtor Association said today.

Distressed sales represented 22.7 percent of all closings in August, down from 35.5 percent in August 2010.

The number of foreclosures for sale in the Carolina Multiple Listing Services is at its lowest level in 3 1/2 years, the CRRA said, adding that the share of distressed new listings in August decreased to 15.2 percent from 24.8 percent in August 2010. That means that a greater share of distressed properties are selling off the market than are entering the market, the CRRA said.

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