HOUSINGNEWS REPORT
FEATURED ARTICLE
All-cash buyers represented 41 percent of all residential property purchases in New York in 2016, the third highest share of any state behind Hawaii (49 percent) and Florida (44 percent), according to the ATTOM Data Solutions Year-End 2016 Home Sales Report. That was well above the national average of 28 percent and an increase from 39 percent of all sales in 2015 — counter to the national downward trend in share of cash sales. The share of cash buyers in the Bronx in 2016 was 39 percent, down slightly from 40 percent in 2015 but still well above the national average. New York’s share of distressed sales also increased in 2016, counter to the national trend — 15.9 percent of all residential property sales in the state during the year were sales of bank- owned homes, sales at the public
foreclosure auction or short sales — up from 13.2 percent in 2015 and up from 11.4 percent in 2014. In the Bronx, distressed sales accounted for 23 percent of all residential property sales in 2016, down slightly from the previous year but still well above the state and national averages. National Foreclosures at 10-Year Low While New York and a handful of other states continue to struggle through a logjam of deferred distress still lingering from the last housing downturn, the distressed market is returning to normal in most parts of the country. Nationwide a total of 933,045 U.S. properties received a foreclosure filing in 2016, down 14 percent from 2015 to the lowest level since 2006, when
there were 717,522 U.S. properties with foreclosure filings.
While bank repossessions are still elevated above pre-recession levels, foreclosure starts – a leading indicator in the distressed market – were down to the lowest level since ATTOM Data Solutions (formerly RealtyTrac) began tracking in 2006. A total of 478,857 U.S. properties started the foreclosure process in 2016, down 16 percent from 2015 and down 78 percent from the peak of 2,139,005 foreclosure starts in 2009. Light at End of Tunnel Even in states still struggling through a foreclosure backlog, there is evidence of light at the end of the tunnel. In New Jersey, which posted the nation’s highest state foreclosure rate in 2016, foreclosure
States with Highest Share of Cash Sales 2016 2015
49.2%
50%
44.3%
40.8% 40.6%
39.0% 37.1% 37.0% 36.3% 36.2%
40%
34.4%
30%
20%
10%
0% Hawaii Florida New York New Jersey Alabama Tennessee Michigan North Carolina Oklahoma Pennsylvania
ATTOM Data Solutions • P3
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