Realtors across the country are reporting a dearth of foreclosures and short sales in their markets, according to latest Realtor Confidence Index survey by the National Association of Realtors, a sign that lenders have not yet released large volumes of backlogged foreclosure inventory by the end of March, when the survey was conducted.
Fewer numbers of foreclosures and short sales also accounted for a decline in the distressed sale market share in March. March foreclosures fell to 18 percent from 20 percent of all sales in January and March short sales fell to to 12 percent from 14 percent in January.
Despite the smaller inventory, the median discounts fell as well, a sign of increasing stability in markets across the country. Foreclosures have been selling at approximately 20 percent below market and were at 18.8 percent as of March 2012. Short sales have been selling at approximately 15 percent below market: 15.8 percent as of March 2012.