Metro Denver reported the lowest share of distressed home sales out of 25 major metro areas in March, according to a report from CoreLogic.
Distressed sales include bank sales of homes in foreclosure and short sales, where lenders accept a payout below the amount owed on the mortgage. They represented 2.3 percent of all home sales in metro Denver in March, with foreclosure sales at 1.5 percent and short sales at 0.8 percent of the total.
Nationally, distressed sales accounted for 9.9 percent of all home sales in March, with foreclosure sales at 6.7 percent and short sales at 3.2 percent. Baltimore had the highest share of distressed sales at 19.8 percent, followed by Chicago at 19 percent and Tampa at 18.6 percent.
In January 2009, nearly half of all home sales in the Denver-Aurora-Lakewood market were distressed, according to CoreLogic. But strong population gains, combined with insufficient home construction, have boosted prices.
Higher home equity has allowed borrowers in trouble to pay off their mortgages, and a shortage of homes for sale has allowed for faster sales. Distressed sales now represent only one out of every 43 home sales in the Denver area.
