As the number of foreclosed home sales rapidly falls, Yun
notes that seriously delinquent mortgages and homes in some stage of foreclosure still are currently elevated compared to historical norms, but that’s mostly been centered in a few states where the processing of foreclosures has lagged. Foreclosed sales comprised about 6 percent of all home sales transactions in August, down from double-digit figures last year. By next year, foreclosure sales are projected to shrink to 1 to 3 percent, which will put it in line to historic norms, “Fewer distressed properties will also help with the overall appraisal process of not using bad comparables,” read more.
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