Sales of distressed homes accounted for 29% of all sales in the U.S. in January, the highest level since April 2009, a report from First American CoreLogic found.
The real estate-owned share of sales increased to 22% in January, up from 19% in December but down from a year earlier, when it was 27%. Short sales accounted for 8% of all sales in January, up from 7% in December and 5% a year earlier.
By markets, Riverside, Calif., had 62% of its home sales in January come from the distressed category, followed by Las Vegas at 59% and Sacramento at 58%. Sales of REO made up 48% of the home sales in Detroit, while San Diego led the short-sales category at 19%.
First American CoreLogic also noted that the average nondistressed market sale price in January was $247,700 but the distressed average price was $161,600. The average REO price was $141,900, compared with $215,300 for short sales.