Keweenaw Report Your Source for Local News and Sports
Michigan tops the nation in the number of distressed home sales, according to a new report.
Data from the research firm CoreLogic shows 21.4 percent of home sales in Michigan in May were distressed sales, which are transactions involving lender-owned property or a short sale.
That’s well above the national average of nine-point-nine percent.
CoreLogic economist, Molly Boesil, says the reason distressed sales numbers are important is their impact on home prices.
She says when distressed sales numbers come down, home prices tend to increase.
Rounding out the top five states with the largest percentage of distressed home sales are: Florida, Maryland, Illinois and Connecticut.
