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Short Sales Increase 19% in Second Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO TAKE IT TO THE NEXT LEVEL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Short Sales Increase 19% in Second Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Short Sales Increase 19% in Second Quarter

August 25, 2011 (Jeff Alan)

Short sales increased 19 percent in the second quarter of 2011, accounting for 12 percent of all sales nationwide while the number of bank-owned (REO) sales remained flat according to the Q2 2011 U.S. Foreclosure Sales Report released by RealtyTrac.

A total of 102,407 short sales were made in the second quarter of 2011, which was still 12 percent lower than the second quarter of 2010. The states that posted the largest increases in short sales were Nevada (43%), Washington (39%), California (38%), and Texas (34%).

Distressed property sales, including foreclosure sales and short sales, accounted for 31 percent of all U.S. residential sales in the second quarter, down from nearly 36 percent in the first quarter but up from 24 percent from the same quarter last year.

The average sales price for a distressed property in the second quarter was $164,217, down less than one percent from the first quarter and down nearly five percent from the same quarter in 2010. Distressed properties typically sold for 32 percent below the average price of a home not sold in foreclosure.

“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans.”

Meanwhile, banks may have finally realized the benefit of selling distressed properties through a short sale instead of letting the property go through the full foreclosure process as the average price for a home sold in a short sale was $192,129 in the second quarter, 21 percent below the average price of a non-foreclosed home, while the average price for a home sold in foreclosure or as a REO was $145,211, nearly 40 percent lower than a non-foreclosed home.

“The jump in pre-foreclosure sales volume coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” Saccacio continued. “This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure. Streamlined short sales also give lenders the opportunity to more pre-emptively purge non-performing loans from their portfolios and avoid the long, costly and increasingly messy process of foreclosure and the subsequent sale of an REO — which may end up selling for a lower price than it would have as a pre-foreclosure short sale and in the meantime further stresses already overloaded REO departments.”

The average time it took to sell a short sale after receiving the initial foreclosure notice declined from an average of 256 days in the first quarter to 245 in the second quarter while REOs increased from an average of 176 days in the first quarter to 178 days in the second quarter and up from 164 days a year earlier.

Nevada had the highest percentage of distressed property sales of any state with 65 percent of all residential sales being distressed properties. Arizona had the second highest at 57 percent and California was third at 51 percent.

Rounding out the top ten was Michigan (41%), Georgia (38%), Colorado (36%), Florida (35%), Illinois (34%), Oregon (33%), and Idaho (30%).

Tags: RealtyTrac, Quarterly Foreclosure Sales Report, short sales, distressed properties, foreclosures, REO, residential sales

Source:
RealtyTrac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 25, 2011 (Jeff Alan)

Short sales increased 19 percent in the second quarter of 2011, accounting for 12 percent of all sales nationwide while the number of bank-owned (REO) sales remained flat according to the Q2 2011 U.S. Foreclosure Sales Report released by RealtyTrac.

A total of 102,407 short sales were made in the second quarter of 2011, which was still 12 percent lower than the second quarter of 2010. The states that posted the largest increases in short sales were Nevada (43%), Washington (39%), California (38%), and Texas (34%).

Distressed property sales, including foreclosure sales and short sales, accounted for 31 percent of all U.S. residential sales in the second quarter, down from nearly 36 percent in the first quarter but up from 24 percent from the same quarter last year.

The average sales price for a distressed property in the second quarter was $164,217, down less than one percent from the first quarter and down nearly five percent from the same quarter in 2010. Distressed properties typically sold for 32 percent below the average price of a home not sold in foreclosure.

“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans.”

Meanwhile, banks may have finally realized the benefit of selling distressed properties through a short sale instead of letting the property go through the full foreclosure process as the average price for a home sold in a short sale was $192,129 in the second quarter, 21 percent below the average price of a non-foreclosed home, while the average price for a home sold in foreclosure or as a REO was $145,211, nearly 40 percent lower than a non-foreclosed home.

“The jump in pre-foreclosure sales volume coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” Saccacio continued. “This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure. Streamlined short sales also give lenders the opportunity to more pre-emptively purge non-performing loans from their portfolios and avoid the long, costly and increasingly messy process of foreclosure and the subsequent sale of an REO — which may end up selling for a lower price than it would have as a pre-foreclosure short sale and in the meantime further stresses already overloaded REO departments.”

The average time it took to sell a short sale after receiving the initial foreclosure notice declined from an average of 256 days in the first quarter to 245 in the second quarter while REOs increased from an average of 176 days in the first quarter to 178 days in the second quarter and up from 164 days a year earlier.

Nevada had the highest percentage of distressed property sales of any state with 65 percent of all residential sales being distressed properties. Arizona had the second highest at 57 percent and California was third at 51 percent.

Rounding out the top ten was Michigan (41%), Georgia (38%), Colorado (36%), Florida (35%), Illinois (34%), Oregon (33%), and Idaho (30%).

Tags: RealtyTrac, Quarterly Foreclosure Sales Report, short sales, distressed properties, foreclosures, REO, residential sales

Source:
RealtyTrac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 25, 2011 (Jeff Alan)

Short sales increased 19 percent in the second quarter of 2011, accounting for 12 percent of all sales nationwide while the number of bank-owned (REO) sales remained flat according to the Q2 2011 U.S. Foreclosure Sales Report released by RealtyTrac.

A total of 102,407 short sales were made in the second quarter of 2011, which was still 12 percent lower than the second quarter of 2010. The states that posted the largest increases in short sales were Nevada (43%), Washington (39%), California (38%), and Texas (34%).

Distressed property sales, including foreclosure sales and short sales, accounted for 31 percent of all U.S. residential sales in the second quarter, down from nearly 36 percent in the first quarter but up from 24 percent from the same quarter last year.

The average sales price for a distressed property in the second quarter was $164,217, down less than one percent from the first quarter and down nearly five percent from the same quarter in 2010. Distressed properties typically sold for 32 percent below the average price of a home not sold in foreclosure.

“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac. “Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans.”

Meanwhile, banks may have finally realized the benefit of selling distressed properties through a short sale instead of letting the property go through the full foreclosure process as the average price for a home sold in a short sale was $192,129 in the second quarter, 21 percent below the average price of a non-foreclosed home, while the average price for a home sold in foreclosure or as a REO was $145,211, nearly 40 percent lower than a non-foreclosed home.

“The jump in pre-foreclosure sales volume coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” Saccacio continued. “This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure. Streamlined short sales also give lenders the opportunity to more pre-emptively purge non-performing loans from their portfolios and avoid the long, costly and increasingly messy process of foreclosure and the subsequent sale of an REO — which may end up selling for a lower price than it would have as a pre-foreclosure short sale and in the meantime further stresses already overloaded REO departments.”

The average time it took to sell a short sale after receiving the initial foreclosure notice declined from an average of 256 days in the first quarter to 245 in the second quarter while REOs increased from an average of 176 days in the first quarter to 178 days in the second quarter and up from 164 days a year earlier.

Nevada had the highest percentage of distressed property sales of any state with 65 percent of all residential sales being distressed properties. Arizona had the second highest at 57 percent and California was third at 51 percent.

Rounding out the top ten was Michigan (41%), Georgia (38%), Colorado (36%), Florida (35%), Illinois (34%), Oregon (33%), and Idaho (30%).

Tags: RealtyTrac, Quarterly Foreclosure Sales Report, short sales, distressed properties, foreclosures, REO, residential sales

Source:
RealtyTrac

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS