Banks are shifting their focus to closing short sales, and less on foreclosing. REO’s (Real Estate Owned), or foreclosed homes represented 27% of the sales in all mls areas in December down from 30% in November. Short sales represented 32% of the closings in Decembers and are 36% of the active listings.
Along with the increase of market share, short sales are closing 60.8% of the time compared to just under 50% at the beginning of the year. This is positive news since a short sale benefits all parties versus a foreclosure in almost all circumstances.
Please call us to find out about your home and if we can help. 480-241-9927.