Similar to the total active listing inventory, the distressed inventory has slowly increased from 2,555 total foreclosures and short sales at the beginning of the year to 2,991 today, a 17% increase. Not quite the 37% increase like the total inventory, but, none-the-less, significant.
Foreclosures have increased from 375 at the beinning of the year to 533 today, a 42% increase. Short sales have increased from 2,180 to 2,458, a 13% increase. There have been more foreclosures to hit the market thus far this year, but there are reports from the trenches that many banks have placed some of their foreclosed homes on the market at unrealistic levels and are not moving. Do not get me wrong, distressed sales are still on fire.
Also:
- The number of distressed homes on the market increased by 97 homes in the past 2 weeks and now total 2,991, or 30.3% of the current active inventory.
- The number of foreclosures within the active listing inventory increased by 54 homes in the past 2 weeks from 479 to 533. The expected market time for foreclosures is 1.58 months.
- Short sales, where a homeowner tries to sell a home for less than the outstanding loan, if the lender approves, went up by 43 homes over the past 2 weeks and now total 2,458. The expected market time for short sales is 1.97 months.
Most buyers are still looking for a deal, so there’s a lot of competition in purchasing distressed homes.
Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.
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