October 1st, 2010 3:53 PM by Christopher Terry
New foreclosure data from Realty Trac shows that 35% of all sales in Massachusetts were forclosures and 37% of the sales in Rhode Island were forclosures. Leading the way is Nevada at 56%, Arizona at 47% and California at 43%. Florida fell below both RI and MA at 34%.
WIN-WIN for Lenders and Homeowners! Nationally, Realty Tracs data showed that foreclosures sold at an average discount of 35%, while pre-foreclosures (many time "short-sales") sold at an average discount of 13%. In other words, short sales sell an average of 22% great price than forclosures. A short sale can be a win-win for the homeowners, lender and buyer.
Standard and Poors says that 460 billion in "shadow inventory" will take 41 months to clear. S&P defines shadow inventory as borrowers who are or where recently 90 days or more behind in their mortgage payment, are currently or recently in foreclosures or properties that are real estate owned (REO). The new estimate is up for the estimated 33 months from a year ago. S&P believes that only when the back log of foreclosures clears will market prices return.
So, how can you use this information? If you are selling, ask your broker for an updated market price opinion and discuss with them what the market in your neighborhood will pay for your home. Do anything you can to take the emotion out of the sale of your home, especially when pricing. Take sometime to look at your home from the potential buyers perspective. We make it E-Z with instant access to our FREE report "Money-Making Tips to Sell Your Home for TOP DOLLAR". It's a quick and easy checklist to help make buyers instantly attracted to your home. For the report CLICK HERE.
Are you thinking of buying? The homeowners index has never been better for homebuyers. Nationally home prices have dropped another 26% this past year and interests rate remain at all time lows. But having the right tools can make all the difference. If you are a first time home buyer take part in our FREE no-obligation 30 minute home buyer consultation.
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Christopher TerryBroker/Owner/FounderEZ Home Search Real Estatewww.ezhomesearch.net