Fla. has 16 mo. distressed supply

Florida's real estate market is being weighed down by a 15.9-month supply of distressed properties, according to a new report issued by CoreLogic.

The state ranked third in the nation in total real estate sales in August with 33,344 closings. But 31.1% of those sales involved distressed properties in some stage of foreclosure, the report estimates. (In Nevada, 59.2% of all real estate sales in August involved a distressed property.)

Total real estate sales in Florida increased 9.1% over the year in August. Bank-owned sales fell 37.1%, to 5,784 closings, while short sale activity increased 17% to 4,750 transactions.

Those distressed sales pushed Florida home prices down 4.7% over the year that ended in August.