US: Nearly Half of All March Real Estate Sales Were Distressed Properties

Sales of distressed properties rose to 48.6 percent in March – the second highest level seen in the past 12 months, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

The monthly survey of more than 3,000 real estate agents nationwide each month also found that demand among both current and first-time buyers declined slightly and among investors was nearly flat on a month-to-month basis as the spring real estate market kicked off.

Agents provided opinions on traffic. “January, February and March sales were characterized by a wait and see attitude of buyers. Both investors and first time homebuyers are fearful of what is going on nationally with Washington, D.C. Both the gas prices and the weather influenced the local market.” stated an agent in California.

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