Was 2011 just one big year-long clearance sale? Due to an “over stock” of product and drastically reduced prices, about 12,800 homes sold last year, most of them in the distressed merchandise “bargain bin.”
“It’s reasonable that 80 percent of sales were distressed,” said housing analyst John Strobeck, owner of Bright Future Business Consultants.
In examining the data, Strobeck emphasized there is not a definitive process that pinpoints the exact number of distressed sales. However, there are various ways to dissect the data that results in a fair estimate. For starters, about 33 percent of all sales in 2011 were clearly and correctly identified as foreclosures.
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