The housing market continues to show signs of improvement, but one number recorded in the National Association of Realtors July existing home sales data really exemplifies that progress —a drop in the number of homes sold in distress.
According to NAR, only 9 percent of homes last month were sold in distress, which encompasses foreclosures and short sales. That number is the lowest NAR has recorded since the organization began tracking distressed sales in October 2008.
For comparison, distressed sales accounted for 15 percent of all sales just one year ago. NAR Chief Economist Lawrence Yun said the drop in distressed home sales resulted from rising home sales, which help owners recover equity, and steady job creation, which adds financial stability for homeowners.