Only 1.5% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 4.2% in April 2020. In 2009, distressed sales comprised 70% of Miami sales. Total Miami distressed sales decreased 9.1%, from 66 to 60.
Short sales and REOs accounted for 0.4% and 1.1% year-over-year, respectively, of total Miami sales in April 2021. Short sale transactions decreased 13.3% year-over-year while REOs decreased 15.7%.
Nationally, distressed sales represented less than 1% of sales in April 2021, down from 3% in April 2020.
Source: World Property Journal 6/7/21
