Florida had highest rate of short sales in May
Updated On: Jun 24 2014 09:39:20 AM EDT
Once again, Florida led the nation in short sales of homes in May.
The research firm RealtyTrac said Tuesday that more than 11 percent of all home sales in Florida were short sales in May.
A short sale takes place when an owner sells a home for less than the amount the owner owes on the property.
RealtyTrac also said that Florida had the nation's second-highest rate of distressed sales, with almost a quarter of sales either short sales, foreclosure auctions or bank-owned sales. Only Nevada had a higher rate of distressed sales.
But the rate of distressed sales in Florida is declining from a year ago, when it was almost 27 percent.
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