Distressed sales decline sharply in major cities, modestly in Chicago

Last week the ever-informative Calculated Risk blog posted a table showing the share of the market accounted for by distressed properties, i.e. short sales and foreclosures, in 13 major cities.

The market share of distressed properties declined significantly year-over-year in March in a number of cities. Las Vegas and Phoenix, for example, saw year-over-year declines from 67.3% and 46.8% to 44.5% and 26.8%, respectively. Chicago saw only a modest fall-off in the percentage of distressed sales, from 46% to 43%. That represented the smallest percentage change among the 13 cities sampled.

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