Foreclosures, Short sales in 2014 – What To Expect

Recent reports show that overall both Foreclosures and Short Sales are still far below the last year at this same time however December did show a less than 1% increase from November and a 10% increase from a year ago. The national sales price of U.S. residential properties, including both distressed and non-distressed, hit $168,391 in December, virtually unchanged from November and up 2% from December 2012.So we are seeing a decrease general inventor and a slow down in the price increase. Remember short sales typical take 3-5 months from list date to close date So home listed under contract in late 2013 will not be reflected into sale until as late as spring of 2014

And while short sales did trend lower in the second half of the year, there are still more than 1.2 million properties in the foreclosure process or bank-owned, providing a sizable pool of inventory that the housing market is in the process of absorbing,” Blomquist said. “Meanwhile, non-distressed sellers have not listed their homes for sale in droves, helping to keep the distressed share of sales at a stubbornly high level.”

Tradtional Seller NOW is the time to get list – with a high volume of  short sales expected to close in 1st quarter  of 2014 we could see  issues with appraised values being lower then expected (reflecting the short sales)

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