Calculated Risk flags a survey showing that about 63% of all home sales are distressed in one manner....Look at the graph, and it appears that ¼ of these are "trashouts". (!)This is confirmed by the fact that foreclosures hit a new record in July.
CR also notes, citing a report from Campbell Communications, (PDF, and also the source of the pie graph) that only 29% of purchases are being made by current home owners.....The rest is new home buyers and investors, so there is very little "move up" buying too.
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