St Louis Mortgage and In House Financing News: 26 Percent Of Home Sales Are Foreclosures And Short Sales
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According to a RealtyTrac report released yesterday, 26 percent of all homes sold last year were foreclosures and short sales.
Homes already foreclosed on and repossessed by banks, called REOs (real estate owned), sold for an average of 36 percent less than normal sales, RealtyTrac reported.
Meanwhile, the discount for homes sold while they were still in the foreclosure process (short sales) was 15 percent as followed by the St Louis Refinancing Group news team.
“It’s like the post-holiday sales at Macy’s where they’re trying to clear out unwanted inventory,” said Anthony Sanders, a real estate professor at George Mason University.
Nevada had the highest percentage of distressed sales of any state at 57 percent. That was, however, less than 2009, when 67 percent of sales there were foreclosures.
In Arizona, 49 percent of sales were distressed properties; in California, 44 percent; and in Florida, 36 percent.
Foreclosed properties sold for the biggest discount which ended up being 50 percent off in New Jersey.
These investment opportunities are not going away.
Nearly 30 percent of mortgage borrowers are underwater on their loans, owing more than their homes are worth, according to Stan Humphries, chief economist for Zillow, the real estate web site.
These owners are very vulnerable to foreclosure so the number of distressed properties that will go on sale only the next year or two will probably remained high.
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