This often gets confused with 16% of all properties so let me be clear. This is 16.4% of all resale homes sold and closed in the 2nd Qtr of 2009. 26.4% were bank owned. If you combine the total that would be 42.9% of all residential resale homes were of a distressed nature.
Obviously as a home owner and broker I would prefer this number be much, much lower. However the good news is that for the past three months this number has seen nearly no change. So we are currently hit some stability in the market. My sources at FannieMae also believe the number is stable as well.