Let’s take another look at what share of the monthly sales are being distressed sales—bank-owned and short sales. In April 2012 15.2% of the sales of single-family homes in King County were bank-owned. In April 2013 that number was just 6.8%.
The low point of the last few years was 5.7% in November. I wouldn’t be surprised to see us drop below that level in the next few months.
Short sales inched up a bit in the month, rising from 9.2% in March to 9.9% in April. A year ago 11.6% of sales in the county were short sales.
Later this week we’ll take a look at how the median prices are moving for bank-owned homes, short sales, and non-distressed sales.