Distressed sales made up 29% of all residential properties sold in the Outer Banks in the month of July.  Distressed properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July. 

Distressed properties tend to push real estate values down.  An increase in distressed property sales can be viewed from a positive light because the sales demonstrate that buyers are coming back into the market, and as the distressed properties are cleared out prices can stabilize and eventually grow.