Distressed home sales fall in local markets

The number of distressed home sales in Northwest Arkansas — including bank-owned (REO) sales, sales of homes actively in foreclosure and short sales — continues to drop.

According to a report from California-based Attom Data Solutions, which tracks national housing and foreclosure data, distressed sales in Benton County accounted for 10.7% all single-family and condo sales in the third quarter of 2016, down from 13.1% in the previous quarter and down from 14.5% in the third quarter of 2015.

In Washington County, the Attom data shows distressed sales accounted for 11.6% of all home sales in the third quarter, down from 12.5% in the previous quarter and down from 14.9% in the third quarter of 2015.

Bank-owned properties in Washington County comprised 4.7% of distressed sales in the third quarter, falling about 6% from the same period in 2015.

In Benton County, bank-owned sales were at 5.1% of all distressed sales in the quarter, down from 8.2% from the same period in 2015.

Nationally, distressed sales accounted for 12.9% of all single-family home and condo sales in the third quarter, down from 15.0% in the previous quarter and down from 15.9% in the third quarter of 2015.

“Distressed inventory for sale is virtually non-existent in many of the nation’s hottest housing markets, and when a distressed property is listed for sale in those markets it often sells quickly and at little or no discount,” said Daren Blomquist, senior vice president at Attom Data Solutions. “The scarcity of discounted distressed inventory is chasing away cash buyers and other bargain hunters, but it’s certainly good news for home sellers.”