Wednesday, December 28, 2011

Short Sales Replacing Foreclosures Locally!

Take a quick look at the chart below and you will see foreclosure sales, as a percentage of our market, are at their lowest point in the last two years. At the same time short sales are near their peak. As we look forward to the coming year the trend appears to be increasing numbers of short sales not foreclosure sales. It is hard to understand why this is occurring while banks are continuing to foreclose on properties, but the reality is that banks are foreclosing, holding the properties in their inventory, and simply not reselling them. It will be interesting to see if the banks are going to use some other method to move REO's from their inventory.

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