Distressed sales (REO and short sales) accounted for just 11.4 percent of total home sales in June, the lowest share since December 2007, according to a new report from housing data and analytics provider CoreLogic. This time last year, distressed sales accounted for 15.8 percent of total sales. This is the 19th straight month of year over year declines in distressed sales.

Of the distressed sales, REO sales made up 7.2 percent of total home sales, and short sales made up 4.2 percent of total sales in June. At its peak in January 2009, the distressed sales share totaled 32.5 percent of all sales, with REO sales making up 28 percent of that share. The more recent shift away from REO sales is a driver of improving home prices, as REOs typically sell at a larger discount compared to healthy sales than do short sales, CoreLogic noted. Before the housing crash, distressed sales typically made up about 2 percent of total sales.

Michigan had the largest share of distressed sales of any state at 27 percent in June, followed by Illinois (24.1 percent), Florida (23.6 percent), Nevada (22.7 percent) and Georgia (20.7 percent). California experienced a 14.6 percentage point drop in the distressed sales share, the largest of any state.

Of the largest 25 Core Based Statistical Areas (CBSAs) based on population, Chicago-Naperville-Arlington Heights, Ill. had the largest share of distressed sales at 27.4 percent, followed by Miami-Miami Beach-Kendall, Fla. (26.4 percent), Orlando-Kissimmee-Sanford, Fla. (24.8 percent), Tampa-St. Petersburg-Clearwater, Fla. (24.6 percent) and Las Vegas-Henderson-Paradise, Nev. (23.9 percent). Sacramento-Roseville-Arden-Arcade, Calif. had the largest drop in its distressed share, falling by 17.1 percentage points from 33.1 percent in June 2013 to 16.1 percent in June 2014.