Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values. CoreLogic performed a separate calculation, which illustrates just how big an impact distressed sales are having on home prices. The company excluded all short sale […]
Real Estate Short Sales Explained
The term “short sales” is used to describe a situation in which a homeowner is at risk of defaulting on their loan, and the lender agrees to sell the property below the original appraisal price in order to avoid foreclosure. Most lenders do not readily agree to short sales, although exceptional circumstances such as a […]
Short Sale vs Foreclosure
There are several differences between a short sale and a foreclosure. Homeowners who find they are having difficulty meeting their monthly mortgage payments should be careful to understand these differences before taking action. Discussing the options with their mortgage company, scheduling a meeting with a real estate consultant, and learning what potential taxable and credit […]
Why Foreclosures Take So Long
One of the reasons banks favor short sales over foreclosures is that lenders are taking too long to repossess a home. According to RealtyTrac, a firm that monitors the foreclosure market, homes in the U.S. spent an average of 318 days in some stage of foreclosure before a bank formally regained ownership during the second […]
Distressed Sales Drag Down Home Prices
An analysis of home prices through the end of February by CoreLogic shows a year-over-year decline of 6.7 percent when distressed properties – REO and pre-foreclosure short sales – are included in the numbers. Take out the distressed factor, and the company says home prices are “showing signs of stability,” down just 0.1 percent from […]
New News about Foreclosures and Short Sales
The news continues to pour in from around the country on banks foreclosing on more and more homes, and short sales becoming more of a common thing… Questions or comments? Use the comment link below to sound off. Your email address, although needed to post, is NEVER published on this website.