Foreclosure Sales Account for 31% of Real Estate Sales
Foreclosure Sales Skyrocket:
RealtyTrac, the leading online for foreclosure (REO) properties announced that during the first quarter of 2010, 31% of ALL HOME SALES were either foreclosure (including short sale) or REO (bank owned) homes.
The report continues to say that REO sales were discounted 34% from standard sales. Short Sale and Foreclosure (non-REO) properties were discounted 15% from standard sales. This is what is driving our market down and this will continue to drive our market down until the foreclosure mess has been fixed.
The media has started to turn also. After the first quarter, we saw housing reports that the recovery is coming. Those same media outlets are now saying housing is doomed and gloomy. As we've said all along at the Twin Cities Short Sale Realtor, until the foreclosure mess is fixed and demand is equal, or begins to increase above supply, housing prices will continue to slump.
Contact Us at the Twin Cities Short Sale Realtor to discuss your personal situation.
