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Foreclosures Loom Large over Housing Market.
Washington -- Nearly one-third of existing home sales in May involved foreclosure and short sales.
Furthermore, this development is putting downward pressure on housing prices and propping up sales, according to the National Association of Realtors.
Over the past several months, "we have seen home sales rising in distressed markets where prices have already declined significantly.
The improving affordability conditions are drawing homebuyers back into these markets," NAR senior economist Paul Bishop said.
He noted sales have picked up in distressed markets like Battle Creek, Mich., Sarasota, Fla., Las Vegas, and in Orange Country, Calif., Riverside and Sacramento.
The median home price in the West has declined 16% since May 2007.
Meanwhile, sales have softened in markets that have be stable and have continued to enjoy job growth in 2007, such as Portland, Seattle, Raleigh, N.C., and Salt Lake.
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Source: HighBeam Research, Foreclosures Loom Large over Housing Market.