Realty Trac just released information showing that there has been a recent resurgence in distressed homeowners turning to short sales. Although short sales have declined on a long term basis, this could signal a turning point. Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey.
I have reported in the past that there are still a large number of delinquent mortgages in Maricopa Arizona and that there is little chance that these distressed homeowners will decide to become current on their “underwater” homes. Since short sales can take 60 – 90 days or more to be successfully completed, many homeowners may be looking ahead and trying to time their sales when their children are out of school for the summer break.
Unless the lenders begin a release of their “shadow” inventory, I would expect to see short sales once again become the best alternative for buyers that are looking for value but are not in a big hurry. Patience has it’s rewards!
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